House price growth slows in April

House salesHouse price growth has slowed by four per cent in April according to the latest government figures.

Data from the Office of National Statistics has shown that house price growth in April stood at 5.5 per cent, down from 9.6 per cent in March. According to the ONS, the pace of annual house price growth fell across the majority of the UK in April 2015.

House price annual inflation was 5.8 per cent in England, 1.3 per cent in Wales, 2.2 per cent in Scotland and 8.8 per cent in Northern Ireland.

However, the Eastern region is still leading the way in terms of price growth. Annual house price increases in England were driven by an annual increase in the East (9.6 per cent) and the South East (8.4 per cent) the ONS said.

Excluding London and the South East, UK house prices increased by 5.0 per cent in the 12 months to April 2015, but on a seasonally adjusted basis, average house prices fell by 1.3 per cent between March and April 2015.

First time buyers are still being disadvantaged in the pricing stakes. In April 2015, prices paid by first-time buyers were 5.8 per cent higher on average than in April 2014. For owner-occupiers (existing owners), prices increased by 5.4 per cent for the same period.

The average price paid for a house by a first-time buyer was £209,000.
The average price for properties bought by former owner-occupiers (existing owners) increased by 5.4 per cent in the year to April 2015, down from an increase of 10.3 per cent in March 2015. In April 2015, the average price paid for a house by a former owner-occupier was £314,000.

During the year to April 2015, prices paid for new dwellings increased by 9.0 per cent on average, compared with an increase of 13.6 per cent in the year to March 2015. According to the ONS, the average UK house price for new dwellings in April 2015 was £270,000.

The average UK house price for pre-owned dwellings in April 2015 was £272,000.
So it makes sound economic sense to look for a new home from house builders such as Larkfleet Homes, which has a number of developments in the region to suit all price ranges.

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