UK house prices rise as ONS suspends index

UK house prices rise as ONS suspends index

 

ONS confirmed that next month it will release April’s house prices, which will be the last set of data released before the index is suspended due to a lack of transactions. 

The average price of a house in the UK based on March data is now £231,855. On a monthly basis, this represents a marginal dip of 0.2 per cent. 

 

Regional differences 

Northern Ireland saw the biggest jump in house prices, recording an annual increase of 3.8 per cent to £140,580. Month-on-month, this was a 0.1 per cent drop. 

This was followed by England, where average prices saw an annual increase of 2.2 per cent to £248,271 in March. Compared to February, this was a 0.1 per cent decrease in price. 

In Wales, house prices rose by 1.1 per cent to £161,684 annually. Monthly, this was a 2.8 per cent decline. 

Prices increased 1.5 per cent annually to £151,856 in Scotland. Compared to February, this was a 0.4 per cent rise. 

 

Signs of positivity 

Tomer Aboody, director of property lender MT Finance, said: “While the suspension of this index until further notice makes sense, there were some real positive signs leading up to April, with good levels of transactions and values.  

“With the government allowing the market to re-open, enabling agents and valuers to access properties once more, this has resulted in most lenders returning with mortgage offerings similar to those on offer pre-lockdown.”  

“Hopefully, this will gain traction going forward, which along with government stimulus and assistance should see a steadier level of activity in the market in the final half of the year,” Aboody added. 

Marc von Grundherr, director of London lettings and estate agent, Benham and Reeves, said: “The strong growth seen at the start of the year and annually has provided a strong foundation on which the market can bounce back and fears of a market crash should now move to the back of our minds.”