The residential property market in the UK has rebounded with houses registering an increase of 5.6 per cent in prices annually. During April 2017, the average price of a property in the UK was £220,094, according to data released by the UK Land Registry.
The UK House Price Index (UK HPI) Summary for April 2017 from the Land Registry throws up interesting developments in the housing market. This is an encouraging sign for the property market, especially for investors, because there is a good appreciation in capital values of houses. This is the highest growth in house prices for the last 12 months.
At the regional level, the largest house price growth was in the East of England (8.1 per cent) while the lowest house price growth was in the North East (0.6 per cent) in the 12 months to April 2017.
The house prices grew by 4.7 per cent in London in the last 12 months, 1.5 percentage points higher than in the year to March 2017. This is the first time in 11 months that the rate of price growth in London has increased.
The (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland.
UK House prices grew by 5.6% in the year to April 2017, 1.1 percentage points higher than in the year to March 2017.