Back to all Blog 23 June 2022

House prices continued to climb in April – UK HPI

Official data – which comes with a time lag – tells of a continuing property market boom. 
The UK’s average house prices increased by 12.4% over the year to April 2022, up from 9.7% in March 2022, according to the latest official House Price Index.It’s worth bearing in mind that while the official UK HPI provides robust data, it does come with a three-month time lag. More current market trackers are showing a clear slowdown in the pace of price growth. The strong annual price growth reported in this month’s figures reflects the data no longer including a month of price falls from last year (seen between March and April 2021), rather than further acceleration now. As each new month’s data comes in, we gain a month’s price growth and lose the equivalent month’s price growth from last year and that can give a distorted picture of current growth trends, On a month-on-month basis, house prices have risen a much steadier 1.1% across England and Wales. After two years of significant price growth, it is only natural that the pace of annual growth slow.
  • The average price of a property in the UK was £281,161
  • The annual price change for a property in the UK was 12.4%
  • The monthly price change for a property in the UK was 1.1%
  • The average UK house price stood at £281,000 in April 2022, £31,000 higher than at the same time last year.

Average house prices increased over the year in England to £299,000 (11.9%), in Wales to £212,000 (16.2%), in Scotland to £188,000 (16.2%) and in Northern Ireland to £165,000 (10.4%).London continues to be the region with the lowest annual growth at 7.9%, up from 4.9% in March 2022. The capital’s average home sold for £530,000 in April.The South West was the region with the highest annual house price growth, with average prices increasing by 14.1% in the year to April 2022. This was up from a growth rate of 10.5% in March 2022.

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