UK house prices increase as recovery gathers pace – industry reactions

Landlord

Posted in Jul 02 , 2024

UK house prices increase as recovery gathers pace – industry reactions

UK house prices increased for their second consecutive month in April, latest official figures show, as the housing market continues to show signs of recovery as the economy improves.

The average UK house price increased by 1.1 per cent in the 12 months to April, according to a provisional estimate from the Office for National Statistics (ONS).

This figure accelerated from 0.9% annual growth in the year to March and marked the second month in a row with an annual increase, after eight straight months of declines.

Sentiment in the housing market has shown signs of improvement this year despite mortgage rate remaining elevated and the Bank of England continuing to hold interest rates at 5.25%.

Separate data from the ONS yesterday revealed inflation returned to the government’s 2% target in May for the first time since July 2021.
However, the central bank is still expected to wait until at least August to cut interest rates. Its next meeting is scheduled this morning.

The ONS said house prices rose by 0.6% in England, 0.4% in Wales and 4.5 per cent in Scotland in the year to April.

The data also showed that average UK private rents increased by 8.7% in the 12 months to May, slowing from an 8.9% increase in April – which came after a rise of 9.2% in March.

https://propertyindustryeye.com/uk-house-prices-increase-as-recovery-gathers-pace-industry-reactions/

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