House prices in England and Wales rise marginally

Residential property prices continued to increase at a modest pace in April, the latest figures show.

The average home in England and Wales now costs an all-time high of £301,606 following a rise of 0.1% in April - the second consecutive month that the average price has reached more than £300,000.

Over the past three months, prices have gone up by 0.5%, while annual price increases remain steady, rising slightly to 3.5%.

The Your Move index, which tracked an estimated 63,500 transactions, was down 7% month-on-month, with Brexit uncertainty and affordability issues having an adverse impact on demand.

The West Midlands remains the fastest growing region, surpassing the East of England, with prices up 0.5% compared with March and 6.2% year-on-year.

Home price growth in London remains subdued with a monthly decrease of 0.1%, but prices in the capital are still 1.4% higher on an annual basis.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more.

“As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home.”