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House Prices Start Tentative Recovery

House Prices Start Tentative Recovery

House prices rose by 2.6 per cent in the year to April, making the average property worth £213,000

The annual rate of house price growth edged higher this month after two consecutive months of decline, according to Nationwide, but remains only half the pace of two years ago.

Britain’s biggest building society and second-largest mortgage provider said that house prices rose by 2.6 per cent in the year to April, the same as the year before, to reach an average of £213,000.

Nationwide’s monthly updates on house price growth, which are based on its mortgage data, are one of the most closely watched indicators of how the residential property market is faring. It said that in monthly terms, prices rose by 0.2 per cent in April, after falls in March and February. The annual rate of house price growth is down from 4.9 per cent in April 2016.

Andrew Oulsnam Director of leading Midland Estate Agents Robert Oulsnam and Company commented there are clear signs of a steady improvement in the housing market in the West Midlands which is in a far stronger position than many other parts of the country. Sales and new instructions have increased in the last few weeks and we are much more optimistic for the market for the next few months. Interestingly sales to Buy to Let investors and sales to first time buyers are considerably up.

In another survey the total value of the UK's housing stock has reached £7.14trn, having risen 34% in the past ten years.

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