House prices reach highest ever level, but annual price growth continues to soften
Commenting on the ONS house price figures out today, Thomas Fisher, economist at PwC, said:
“Today’s release from the ONS and Land Registry shows that house prices across most of the UK experienced an uptick in April compared to the month before.
"The leap in prices from March to April is partly due to seasonal variation. Annual house price inflation in the year to April was 3.9%, down from 4.2% in the year to March. This decline in annual house price inflation continues the gradual loss of momentum in UK house price growth experienced since mid-2016.
"However, even with this loss of momentum, the average price of a UK home is now at its highest ever level of around £227,000.
"Looking ahead to the remainder of the year, we project average annual house price growth for the UK of under 4% in 2018.”
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