Annual house price growth edges up in April

April House Price Growth

The pace of the annual house price growth edged up to 5.2% in April from 5.1% in March. UK house prices also rose by 1% - the largest monthly increase since June 2014.

Robert Gardner, Nationwide’s Chief Economist, commented “The pick-up in price growth has occurred even though the pace of activity in the housing market has remained fairly subdued in recent months. Indeed, the number of mortgage approvals is still well below its long run average and 20% below the levels recorded in early 2014.

“The strength of the economy and relatively subdued pace of activity in the housing market remains something of an anomaly. It is possible that heightened uncertainty ahead of the election is weighing on activity, though there is no compelling evidence from previous UK elections to suggest a strong impact.

“Healthy labour market conditions and continued low mortgage rates should help underpin housing demand in the quarters ahead.”

Headlines Apr 2015 Mar 2015
Monthly Index* 384.7 380.9
Monthly Change* 1.0% 0.1%
Annual Change 5.2% 5.1%
Average Price (not seasonally adjusted) £193,048 £189,454

*Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)

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