House price recovery shows wide variations

New figures from the Office for National Statistics (ONS) show that house prices have recorded their biggest annual gain since the end of 2010, though the figures also show huge differences according to whereabouts in the country you live.

House values went up 1.1% in April and showed a 1.4% year-on-year increase, taking the average price of a three-bed semi to £229,000. The biggest rises were seen in England which saw prices up 1.7% on those for April 2011 and this helped offset falls recorded in Scotland, Wales and Northern Ireland. There were also variations throughout England, with London seeing prices up by a huge 4.9%, much better than the rest of the country, especially the North-west and Yorkshire and the Humber which also registered falls.

Analysts agree that London is, to some extent, propping up the rest of the country and therefore the figures are somewhat misleading. Ashley Alexander, managing director of MeetMyAgent.co.uk, an estate agent review site, says that if the capital takes its foot off the pedal even for a second, the national picture will seem far less rosy.

The ONS figures follow on from similar ones from Rightmove recently, which showed May’s average asking price standing at £246,235, up one percent on the figure for April.

https://www.express.co.uk/news/uk/327706/House-prices-on-rise-at-last