14 Jun

UK prices show 0.6 per cent increase

UK prices show 0.6 per cent increase

Property prices increased by 0.6 per cent during April compared to the previous month as the market remains stable.

Data from the Land Registry, Registers of Scotland, Land & Property Services Northern Ireland and the Valuation Office Agency showed an 8.2 per cent increase in prices compared to April 2015.

The average price of a property in England increased by 9.1 per cent over the 12 months to April - meaning the average home now costs £224,731.  

London saw prices rise by 14.5 per cent to total £470,025 for the average home in the capital.

Jonathan Hopper, managing director of the buying agents Garrington Property Finders, explained the figures do not support a widespread fall in activity following the introduction of the new stamp duty charges.

"Instead, the picture it paints of price inflation is business as usual especially in London, East Anglia and the Southeast. But in transaction terms things are far less rosy, especially in the higher price brackets where more sales are discretionary and many sellers are holding off putting their properties on the market until after the Brexit uncertainty is past," he explained.

“But even though demand outstrips supply in many areas, the power dynamic is shifting from a seller’s to a buyer’s market as increasing numbers of vendors are forced to reassess their overly ambitious asking prices,” he added.ADNFCR-1222-ID-801820176-ADNFCR

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