Britain’s housing market is once again proving resilient despite political turmoil caused by Theresa May’s decision to call a snap general election and the looming Brexit negotiations.
The average price of a home in the UK has increased by £12,000, or 5.6%, over the past 12 months, up from a revised 4.5% gain in March, as demand continues to outstrip supply, the latest data from the Office for National Statistics (ONS) shows.
The East of England saw the highest annual growth, with prices increasing by 8.1% on the year.
The latest home price rise leaves the average UK property price at £220,000 in April, up from around £217,000 a month earlier.
“Clearly buyers still hold faith in the steadfast UK property market, even amidst political and economic uncertainty,” said Paul Smith, CEO of haart estate agents.
But Smith did express concern that far too many buyers are still relying on the so-called ‘Bank of Mum and Dad’ to raise the finance needed to buy property.
However, the latest rise in home prices shows that the UK housing market is once again proving its resilience, owed in part to the supply-demand imbalance in the market, according to Rob Weaver, director of property at property investment marketplace Property Partner.
He commented: “As price growth slows, higher-yielding properties are becoming more popular with many investors looking to maximise their returns.”
Doug Crawford, CEO of My Home Move, agrees that a strong performance in April’s house price data is “testament to the robust nature of the property market”, especially in light of the snap election. But he insists that it is important not to be complacent.
“We urge the new government to focus its attention on the pledges made in the white paper to ensure that the housing stock which is desperately needed is delivered and that the developers answer the calls of home movers, to build suitable homes that meet their needs,” he said.