UK housing market bounced back in April as prices jump £3,500 in a month
Commenting on the ONS house price figures out today, Richard Snook, senior economist, PwC, said:
"In the first set of numbers released since the General Election, the official ONS and Land Registry house price data showed that average UK house price inflation rose to 5.6% in the year to April, from an upwardly revised 4.5% in March (initially reported as 4.1%).
"This increase goes against the general pattern of slowing growth since summer 2016, as average UK prices leapt by £3,500 in the month from £216,600 in March to £220,100 in April.
"There was broad based strengthening across the regions - in particular, annual growth in London rose from 1.5% reported in March to 4.7% in April. Meanwhile in Scotland, prices surged by £8,000 from £138,000 in March to £146,000 in April. This is the biggest monthly gain since this series began in 2005.
"These figures go against the recent trend of a Brexit related slowdown that we predicted last year but remain consistent with our guidance of 2%-5% growth in 2017 as a whole."
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