The average house price in the UK hit £281,161 last month, as the cost to own a home continues to climb month by month.
House prices grew 1.1 per cent between March and April, according to the government’s latest figures, forming part of an average 12.4 per cent annual increase in price.
While onlookers have warned of a market slowdown amid the UK’s cost of living crunch eroding public finances, the market continues to push out gains.
CEO and founder of property site Boomin, Michael Bruce said: “It’s important to remember that while sold prices provide the most concrete health check of the UK property market, they are reported on a lag.
“So, while the market remains apparently unphased by a spate of base rate jumps and consequential impact this is likely to have on the spending power of UK buyers, the reality is that this declining market sentiment is yet to bubble to the surface.”
More to follow.