The average price of a property in England and Wales rose by 0.2 per cent in April keeping in line with the modest price rises recorded in the two previous months.
Latest Land Registry figures show that the average property value in England and Wales now stands at £165,596 following six months of price hikes. The figure is the highest on record since September 2008.
The north-east region experienced the biggest monthly rise with an increase of 3.1 per cent in house prices, followed by the east Midlands with a 2 per cent increase, according to the Land Registry data.
However, some regions saw a fall in property prices during April. The value of homes in Yorkshire and the Humber fell by 2.2 per cent, in Wales by 1.6 per cent, in the East by 0.6 per cent and in the north-west by 0.3 per cent.
Over the past twelve months house prices have jumped by an average of 8.5 per cent, with all ten regions in England and Wales experiencing rises in average property values . London and the South East saw the biggest annual gains at 14.8 per cent and 11.5 per cent respectively.
Commenting on the figures, Howard Archer, chief economist at IHS Global Insight, said: "The Land Registry data for April is consistent with our view that house prices will struggle to make significant gains over the coming months."
"The economic fundamentals – high unemployment, still falling employment, low earnings growth and looming tighter fiscal policy – are still far from robust for the housing market. Credit conditions remain tight, and house price/earnings ratios have moved back up."
"There are also growing concerns that the Bank of England will have to raise interest rates before the end of the year due to higher-than-expected inflation."
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Average House Price Hits GBP165.5k After Small April Rise Wed, 02 Jun 2010
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