Annual House Price Rise Breaks 10%

House prices were 10.1% higher in April 2010 than in April 2009, gaining 0.4% during March 2010 alone.

The new figures released from the Department for Communities and Local Government (DCLG) house price graphcalculate the average price of a UK home at £207,516, factoring a 0.9% increase over the three months to the end of April.

On a yearly basis, the average value of a house rose 10.9% in England, 11.3% in Wales and  1.1% in Scotland with Northern Ireland remaining in negative figures at – 8.9%.

However, the quarterly increase was well below the 4.8% recorded in the previous three-month period and indicates the rate of price rises slowing.

Unsurprisingly, London remained the area with the highest average house price in April 2010, at £332,677, and the North East with the cheapest average house price at £139,595. Due to a large number of public sector jobs in the North-East there are fears that prices may come under further pressure as the cuts are implemented.

Annual growth in house prices were reported at 12.2% for the typical first-time buyer, compared to 12.6% in March 2010 with the average price of £153,803 being paid by those gaining a foot in the property market in April 2010.

With these figures, the financial uncertainity and news expected later today on a potential cap on mortgage lending it does raise speculation that the property market maybe heading for a double dip. Where do you think house prices will be in 12 months from now?

Photo by blech

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