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May 31

by Millie Wickens
House prices up 5 per cent in a year, says lender

House prices have jumped by 5 per cent in the past year to an average £236,619, according to the Halifax.

The quarterly rise for the period ending 30 April was 4.8 per cent higher than for the same period a year ago.

The monthly increase of 1.1 per cent for April also reversed the 1.3 per cent fall seen in March.

The Halifax also revealed that April 2019 marked the 10th anniversary of the house price index slumping to the lowest point following the global financial crash of 2008.

Since April 2009, house prices have climbed by £81,956 from an average £154,663.

The bank cites more home sales in London and price hikes for new build properties as the drivers behind the growth.

Russell Galley, the bank’s managing director, said: “The average UK house price now stands at £236,619 following a 1.1 per cent monthly rise in April, as demand and supply of housing remained subdued for another month.

“The index has seen a weaker pace of growth over the last three years, which is consistent with the easing of transactions volumes and housing market activity reflected in RICS, Bank of England and HMRC figures.

“Looking further back, this April also marks 10 years since the lowest point of the Halifax house price index following the financial crash in 2008. Over the past decade annual house price growth has seen the average price increase by £81,956, or an average rise of 4.3 per cent each year.”

The report also confirmed property sales stood at 101,830 homes in March, which was slightly over the five-year average of 100,959 properties.

But mortgage approvals dropped 4.6 per cent to 62,431, which indicates the number of completed sales may be falling.

Read the full Halifax House Price Index for April 2019.

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