House prices soar in parts of UK

House prices rose in parts of the UK in the year to April – as the country saw the second largest annual increase in more than a decade.

According to the latest Land Registry data, the average UK house price in April was £281,161. That was 1.1% more than £278,215 in March and 12.4% more than a year earlier, when the figure was £250,210.

That was the second largest increase in more than 15 years after prices rose 13.3% in the year to June 2021, partly driven by a rush to take advantage of stamp duties introduced to boost the property market during the recession. pandemic.

The annual increase was stronger in Wales and Scotland (16.2%) than in England (11.9%), while price changes varied greatly between local areas.

In Scotland’s Orkney Islands, the average price rose 34.3% over the year to £220,739 – the biggest increase of anywhere in the UK. That was followed by London’s Kensington and Chelsea, where it rose 26.7% to £1.5 million – also the highest average price overall – while Na h-Eileanan Siar (also in Scotland) fell by 25. .1% rose to £159,288.

Commenting on the latest figures, Chris Jenkins, house price statistician for the Office for National Statistics, said: “While annual growth picked up again in April, it was mainly due to the declines observed around this time last year as a result of from changes in the previous stamp duty holiday, Wales and Scotland saw the highest growth, while London again grew the slowest.

“Rentals generally continued to grow steadily. While growth in London is still lagging behind other countries and regions, growth continues to pick up.”

Despite skyrocketing house prices in many parts of the UK, some property experts predict that the market could slow in the coming months as interest rates rise. The Bank of England recently raised interest rates to 1.25% for the fifth time in a row in a bid to curb rising prices by making borrowing more expensive.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said this could be “as good as it gets” for property owners. She added: “These numbers reflect home purchase decisions made much earlier, when we had just had the very first rate hikes and the full horror of the energy price cap hadn’t kicked in.” In many cases, buyers will have made an offer before the invasion of Ukraine, and long before it had a chance to fuel inflation so spectacularly.”

Average house prices by month and municipal area – top 20 areas by yearly % change from high to low:

Area // Average price (April 2020) // Average price (March 2022) // Average price (April 2022) // Monthly % change // Yearly % change

Orkney Islands // 164,318 // 189,861 // 220,739 // 16.3% // 34.3%

Kensington and Chelsea // 1,194,465 // 1,416,960 // 1,513,711 // 6.8% // 26.7%

Western Islands // 127,282 // 154,164 // 159,288 // 3.3% // 25.1%

Ceredigion // 211,197 // 256,903 // 259,724 // 1.1% // 23.0%

Scottish Borders // 165,631 // 194,404 // 203,485 // 4.7% // 22.9%

Blaenau Gwent // 107,218 // 128,063 // 131,596 // 2.8% // 22.7%

North Devon // 275,545 // 322,439 // 332,938 // 3.3% // 20.8%

Vale of Glamorgan // 253,366 // 309,820 // 304,037 // -1.9% // 20.0%

Pembrokeshire // 196,958 // 230,474 // 236,190 // 2.5% // 19.9%

Babergh // 302,023 // 349,977 // 361,464 // 3.3% // 19.7%

Merthyr Tydfil // 123,245 // 147,624 // 147,341 // -0.2% // 19.6%

Falkirk // 135,740 // 160,032 // 162,195 // 1,4% // 19,5%

Boston // 166,062 // 189,372 // 196,946 // 4.0% // 18.6%

Burnley // 100,284 // 112,794 // 118,901 // 5.4% // 18.6%

Moray // 159,559 // 179,923 // 189,092 // 5.1% // 18.5%

Milton Keynes // 272,406 // 312,607 // 322,615 // 3.2% // 18.4%

Herefordshire // 256,978 // 298,971 // 303,936 // 1.7% // 18.3%

Broadland // 281,643 // 329,416 // 332,076 // 0.8% // 17.9%

Blaby // 251,169 // 288,930 // 295,759 // 2.4% // 17.8%

South Hams // 344,515 // 394,233 // 405,599 // 2.9% // 17.7%

Leave a Comment