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.
Paul 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.