The latest data reveals that whilst UK house prices dipped by 0.2% in March, the year-on-year picture was more positive.
According to the HM Land Registry House Price Index, the average price of a property in the UK was £224,144, having seen a decline of 0.2% month-on-month. On an annual basis, however, prices in March were up by 4.2% compared to last year.
Looking at the constituent countries individually, the largest year-on-year price growth was seen in Scotland, where house prices rose by 6.7% in the year to March 2018.
Whilst England saw annual growth of 4%, Wales saw a more modest uplift of 3.5% over the same period.
Over the year to Quarter 1 of 2018, average prices in Northern Ireland rose by 4.2%.
Commenting on the figures was CEO of My Home Move, Doug Crawford. He said:
“Despite the recent downbeat mood and a monthly dip in the average UK house price, today’s data paints a picture of relative strength and stability underpinning the housing market. House prices have maintained a steady growth trajectory, not just through 2018 but also over the whole of the last year. In fact, annual growth has only dipped below 4% or above 5% in two of the last fifteen months. It’s encouraging that in a time of speculation about the wider economy, house prices have continued to plot a steady course.
“What we’re left with is a growth trend in UK house prices that is somewhere below the boom years of 2014 to 2016 – which is welcome news for first-time buyers – but noticeably stronger than the 2011-2013 period, which will reassure homeowners. The general appetite for homeownership is undiminished, and we are entering the time of year ahead of the summer holiday season where good weather can help prompt aspiring buyers to put moving plans into action.
“Clearly, it will take more than rising temperatures to fix the ongoing gap between housing supply and demand. In the meantime, there is no shortage of appealing mortgage deals to help consumers, who will also be helped by recent wage growth and the Bank of England’s continuation of the 0.5% interest rate.”