30 April 07 House prices up 0.7% in April, down from 0.8% in March
Price rises in the capital at 4 year high
Average house prices have grown by 0.7% in April, down slightly on the 0.8% increase over March. This may represent a modest reduction, but is an indication that higher interest rates and affordability pressures are beginning to have an impact.
Lack of supply has been driving house prices...
The last 12 months has seen a combination of a lack of housing supply and strong buyer confidence supporting demand and in turn house prices. This has been the case particularly in London and the South East where prices have been up 14.2%and 7.2% respectively, compared to a national increase of 6.8%.
But this is beginning to change...
Over the last 2 months the number of properties coming to the market has exceeded the increase in demand - a trend seen right across the market, with London registering the second highest increase in supply for well over a year.
The Hometrack survey shows that the year on year growth rate in six out of ten regions is still less than 3% and as in previous months, it is the strength of the London market that continues to drive the headline rate of house price inflation.
| Headline statistics | Apr-07 |
| Weighted Overall Average Price | £174,600 |
| Weighted Overall Average Price Change | 0.7% |
| Change in number of new properties listed | 5.7% |
| Change in no. of sales agreed | 9.6% |
| Sales price as a % of asking price | 95.7% |
| Change in number of new buyers registered | 4.4% |
| Time taken to sell (weeks) | 5.9 |
| Average number of viewings per sale | 10.5 |