House prices have inched higher to an average of £286,079, another new record high – though spiralling prices are beginning to slow.
The average price of a home climbed 1.1 per cent since April, but has risen 10.8 per cent year-on-year.
While prices appear to have slowed in their steamroll, costs have grown for the tenth consecutive month – the longest run since 2016 – according to the Halifax Price Index.
Guy Gittins, CEO of London estate agents Chestertons, says: “Despite the incentive of last year’s Stamp Duty Holiday no longer available, 2022 continues to set new records.
“London buyers registering with our branches this April were up 31 per cent whilst viewings were equally at a record high. This demand has created a strong sellers’ market which has led to 38 per cent fewer vendors willing to reduce their asking prices compared to April 2021.”
House prices are up £47,568 over the last two years, since the UK’s first Covid-19 lockdown.
Nicky Stevenson, Managing Director at estate agents Fine & Country said: “An acute shortage of housing stock has meant that prices have remained at elevated levels.
“The doomsayers continue to be surprised by the data emerging from the UK housing market. Amid all the volatility elsewhere, this remains the one area of the economy which isn’t struggling.