England and Wales annual house price growth hits 10.4%

Annual house price growth covering England and Wales climbed to 10.4% in April, according to the latest e.surv Acadata House Price Index.

The pace of annual growth has now quickened in each month so far in 2022, after e.surv reported annual growth rates of 5.0% in January, 5.7% in February and 8.0% in March.

e.surv stated that demand for homes is continuing to outpace supply to result in rising prices, with April also recording a monthly increase of 1.0% equal to £3,600.

This took the average house price for the areas covering England and Wales to £372,436, with prices now around £35,000 higher than in April 2021.

e.surv director, Richard Sexton, said that the latest data “tells the story of the post-pandemic race for space over the last year”, as well as the more recent demand for properties that fulfil the demands of hybrid working.

“If we look first at the annual trend, we see Wales remains the area with the highest annual growth rate, a position it has held for nine months,” he said. “The demand for more rural living has underpinned this. Lifestyle choices and the requirement for more spacious properties that deliver good working-from- home conditions are encouraging buyers to reassess their opportunities.

“However, if we examine the monthly performance, Greater London emerges as the area with the largest increase in its growth rate, up from 5.5% last month, to 9.9% this month. We mentioned in our last index that this change was underway, arguably the result of a renewed need for properties that were well connected to London.”

Sexton added: “It may be tempting to assume that higher interest rates will impact homebuyers’ aspirations, but rates remain comparatively low and property remains a keen investment too as inflation puts pressure on equities and other asset classes.

“There is still too little of the right kinds of property available and this will continue to support growth as people reflect and act upon their aspirations for the future and what that means for where they need to live.”

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