Home » News » Housing Market news » Boom! Northern and Welsh housing markets enjoy extraordinary spring bounce
Housing Market news

Boom! Northern and Welsh housing markets enjoy extraordinary spring bounce

Outside London and the Home Counties house price rises have hit unusual month-on-month highs including 5% in the North and 6.7% in Wales.

Nigel Lewis

housing market

The UK housing market enjoyed a very strong Spring bounce despite Brexit and other downward pressures on house prices, the Land Registry has revealed, including a booming housing markets in both the North and Wales.

Latest housing market data reveals that in England house prices increased by 0.7% month-on-month during April and by 1.4% annually, pushing up the average price to £228,903.

The strongest market is in the North where house prices increased by an astonishing 5% month-on-month and in the East Midlands by 2.9%.

But it’s a patchy picture recorded by the Land Registry, which says house prices are falling in London by 1.2% a year and in the West Midlands by 0.2%. Prices in the South East and South West of England stayed flat.

It also reveals that the surge appears to be driven in part by a rise in the number of new-build detached houses being sold.

House prices in Wales, which are recorded separately, show an increase of 2.4% month-on-month and by 6.7% annually.

Link to Haart newsPaul Smith (left), CEO of estate agency group Haart, says his business believes the price rises are being driven largely by a lack of family homes on the market.

“Towns up the M1 corridor are continuing to thrive, and some local authorities in the East Midlands are experiencing price growth between 10-12%,” he says.

“Our own branch data reveals that there was a 4% increase in buyer registrations last month, but a 6% drop in supply. Evidently, there is vast demand – we just need the properties to match it.”

Read more about house prices.

June 20, 2019

What's your opinion?

Please note: This is a site for professional discussion. Comments will carry your full name and company.

This site uses Akismet to reduce spam. Learn how your comment data is processed.