Average UK house prices grew by 1.1 per cent in April after falling by 1.3 per cent in March, figures published in the latest Halifax House Price Index revealed.

The average asking price for a residential property in the UK was £236,619 in April, with house prices in the three months to April being 5 per cent higher than in the same three months a year earlier. This trend continued on a quarterly basis, with average house prices being reported 4.2 per cent higher in the last quarter (February to April) than in the preceding three months (November to January).

In April 2009, average house prices were £154,663, which marked the lowest point following the 2008 financial crisis. However, since that point, prices have grown by £81,956, reflecting a 4.3 per cent average annual increase.

The sharp 5 per cent rise in April’s annual change figure comes against the backdrop of a particularly low growth rate over the corresponding period in 2018, impacting year-on-year comparisons, the index noted. This also factors in a notably high growth figure recorded in February this year, driven by a higher volume of London sales and more expensive new build properties.

Commenting on the figures, Halifax managing director Russell Galley said: “The index has seen a weaker pace of growth over the last three years, which is consistent with the easing of transactions volumes and housing market activity reflected in RICS, Bank of England and HMRC figures.

“Looking further back, this April also marks 10 years since the lowest point of the Halifax house price index following the financial crash in 2008. Over the past decade annual house price growth has seen the average price increase by £81,956, or an average rise of 4.3% each year.”

Also commenting, Trussle mortgage expert Dilpreet Bhagrath added: “It’s interesting to see that since the financial crash in 2008, annual price growth has seen an average rise of 4.3% each year. However, even though monthly UK home sales remained steady for the month, the demand for and supply of housing is still subdued.

“With house prices rising, it may seem limiting for those hoping to embark on dreams of owning a home. However, there are some good deals to be had, especially for first-time buyers who are keen to get a foot on the property ladder. Those who do find their dream home should consider a fixed-rate mortgage if they want to know how much they're paying for their mortgage each month, avoiding potential instability and providing extra piece of mind.

“It is always important to take into account any personal and future circumstances when securing a mortgage, and seek advice to ensure you're aware of the options."

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