House price growth was subdued for the second month in a row, rising just 0.1% in April, according to a new house price index.
The latest England & Wales House Price Index from Your Move puts house price growth at 0.5% in the last quarter and reveals that at 63,500, estimated transactions were down 7% month-on-month, although the figure reflects levels seen in 2016.
On an annual basis, prices increased by 3.5%, making the average house price in England and Wales £301,606.
The greatest growth in house prices was seen in the West Midlands, with prices rising 0.5% month-on-month and 6.2% year-on-year, surpassing growth in the East of England.
House prices in London saw a monthly decrease of -0.1% and an annual increase of just 1.4%. This puts the capital in penultimate place in relation to annual house price growth, just behind the North East.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said:
“Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more.
"As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home.”
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
You may also be interested in: