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Average house prices in the UK rose by 3.9 per cent in the year to April 2018, according to the Office for National Statistics’ UK house price index.

The average price of a property in the UK was £226,906.

For England, the April data from the ONS showed that on average, house prices had risen by 1.1 per cent since March.

The North East posted the greatest monthly rise – up 4.2 per cent, while the East of England had the chunkiest monthly price fall – down 0.8 per cent.

Average house prices across the UK have increased by 3.9 per cent in the year to April 2018 – down from 4.2 per cent in March 2018.

House price growth rankings:

Country and government office region Average house price Monthly change Annual change
South West £255,207 1.8 per cent 6.1 per cent
West Midlands £192,090 0.8 per cent 5.9 per cent
Scotland £148,952 2.5 per cent 5.6 per cent
East Midlands £186,480 1.3 per cent 4.8 per cent
North East £130,489 4.2 per cent 4.5 per cent
Wales £156,495 1.6 per cent 4.4 per cent
Northern Ireland £130,026 0.3 per cent 4.2 per cent
England £243,639 1.1 per cent 3.7 per cent
South East £324,530 0.9 per cent 3.5 per cent
Yorkshire and the Humber £158,545 1.4 per cent 3.5 per cent
East of England £286,447 -0.8 per cent 2.5 per cent
North West £155,868 0.0 per cent 2.4 per cent
London £484,584 2.4 per cent 1 per cent

The most up to date HM Land Registry sales for London show that the number of house sales that went through in February 2018 slumped by nearly 24 per cent to 5,411, compared with 7,108 for the year before.

London house prices have, on average, risen by 2.4 per cent since March, with an annual price rise of one per cent taking the average property value to £484,584.

The ONS’ head of inflation, Mike Hardie, said:

Annual house price growth continued to slow, with weak growth in London offset by increases in the South West and West Midlands. Nationally, rental prices remained unchanged, with rents in London falling on the year for the first time in nearly eight years.

Source: City A.M.

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