House price growth soars across UK

The average UK house price surged by 12.4% in April, up from 9.7% in March, according to the Office for National Statistics. Average values jumped to £281,000 in April, £31,000 higher than this time last year. In Wales and Scotland, house price growth hit 16.2%. In England, the rate was 11.9%, while Northern Ireland recorded 10.4% growth. The South West had the fastest price rises of any region in England, with growth at 14.1%, while London recorded the slowest pace of growth at 7.4%. However, due to a lag in ONS data, the figures do not reflect the current state of the cooling market. Andrew Montlake, of mortgage broker Coreco, said: “This data is not a true reflection of where the market is at right now. The era of ultra-cheap money is finished and that will soon start to feed through into house price growth.” 

Evening Standard (22/06/2022)   The Daily Telegraph (22/06/2022)