Feel Good Friday (for homeowners) as prices soar in April
Published by Jon Land for 24dash.com in Housing
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Average house prices climbed £1,200 in April to reach a peak of £263,113, an astonishing £54,000 above the recession's low point in April 2009.
LSL Property Services plc said official figures showed that house sales were up 40% year-on-year, with 72,000 transactions in April, and that East Anglia had joined London and the South East with prices exceeding pre-recession highs.
April saw a 0.5% monthly rise, and 7.3% jump annually.
David Newnes, director of Reeds Rains and Your Move estate agents, owned by LSL, said: "As the floods and bad weather at the start of the year become a distant memory, sales in April have returned to more normal levels. Total house sales stand 40% higher than at the same point last year, totalling 72,000 in April. Activity is largely being fuelled by increasing numbers of purchases by first-time buyers and buy-to-let landlords, as consumer confidence sweeps the country.
"Considering the regional picture, while London may be forging the way with 13.2% annual house price growth, the rest of the country is definitely following the trail. Growth is emanating out from the capital, and prices and activity are progressing steadily across all regions."
He added: "In a key indicator of the vigour of the recovery, over the last 12 months prices have risen in 89% of the unitary authorities across the country. But supply levels need to keep pace, thus allowing the wheels of the housing market to continue turning...More housebuilding is imperative to keep the momentum going, and to ensure that price rises are sustainable, in particular for first-time buyers."