London property boosts UK’s April sales increase

City A.M. Reporter
HOUSE prices in England and Wales rose by an annual 1.8 per cent in April, their fastest pace of increase since January 2008, property data company Hometrack reports today.

But monthly house price growth slowed to 0.2 per cent in April from 0.3 per cent in March on a non-seasonally adjusted basis, according to Hometrack’s monthly survey of estimates of realistic selling prices from estate agents and surveyors.

This monthly rise was driven by a 0.6 per cent increase in London, whereas prices in other regions were more typically flat or up by just 0.1 per cent. Yorkshire and Humberside in northern England recorded a 0.1 per cent price fall.

Hometrack said that the supply of property coming on to the market rose by 3.7 per cent, outstripping a 1.0 per cent increase in new buyers registering with agents.

Mortgage lenders Halifax and Nationwide have reported that property prices have risen almost 10 per cent from a low hit around a year ago, but many buyers report it is still difficult to gain access to finance after the credit crunch.