House prices across the UK increased by an average of 12.4% in the year to April 2022, according to the latest figures from the Land Registry.
Abby White, Residential Conveyancer reports.
It means the average property in the UK is now valued at £281,161.
On a non-seasonally adjusted basis, house prices increased by 1.1% between March and April 2022.
The UK Property Transactions Statistics showed that in April 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 106,780.
This is 12.1% lower than a year ago (April 2021).
In England, on average, house prices have risen by 0.8% since March 2022. The annual price rise of 11.9% takes the average property value to £299,249.
House price growth was strongest in the Southwest, where prices increased by 14.1% in the year to April 2022. The lowest annual growth was in London, where prices increased by 7.9%.
The Northwest experienced the greatest monthly growth with an increase of 2%, while the East Midlands saw the most significant monthly price fall with a movement of -0.5%.
The UK House Price Index (HPI) is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion.
If you would like to chat to someone about the legal aspects of buying or selling a home, please contact Abby on 01228 514077 or click here to send an email.