Annual house price growth climbs to 7.1% in April

Annual house price growth rebounded to 7.1% during April, a level up from 5.7% in March, according to the latest Nationwide House Price Index.

April also saw house prices climb by 2.1% month-on-month, the biggest monthly rise since February 2004.

The average UK house price now stands at a new record high of £238,831 according to the data, having climbed by £15,916 over the past 12 months.

Nationwide is expecting the annual growth rate to reach double digits in June, should prices remain flat over next two months.

“Just as expectations of the end of the stamp duty holiday led to a slowdown in house price growth in March, so the extension of the stamp duty holiday in the Budget prompted a re-acceleration in April,” commented Nationwide chief economist, Robert Gardner.

“However, our research suggests that while the stamp duty holiday is impacting the timing of housing transactions, for most people it is not the key motivating factor prompting them to move in the first place.

“For example, amongst homeowners surveyed at the end of April that were either moving home or considering a move, three-quarters said this would have been the case even if the stamp duty holiday had not been extended.”

Gardner also suggested that housing market is likely to remain “fairly buoyant” over the next six months, as a result of the stamp duty extension as well as additional support for the labour market that was included in the government’s Budget.

He added: “With the stock of homes on the market relatively constrained, there is scope for annual house price growth to accelerate further in the coming months, especially given the low base for comparison in early summer last year.

“If house prices remain flat in month-on-month terms over the next two months, the annual rate of growth will reach double digits in June.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.