House prices rise in parts of the UK

House prices rose in parts of the UK in the year to April – when the country saw the second biggest annual rise in more than a decade.

The median home price in the UK hit £281,161 in April, according to the latest Land Registry data. This was 1.1% up from £278,215 in March and 12.4% up on the year before when the figure was £250,210.

That was the second-largest increase in more than 15 years, after prices rose 13.3% in the year to June 2021, in part due to a rush to take advantage of the stamp duty holiday to boost the housing market during the pandemic.

The annual increase was more pronounced in Wales and Scotland (16.2%) than in England (11.9%), while the change in prices varied widely between local areas.

In Scotland’s Orkney Islands, the average price increased by 34.3% over the year to £220,739 – the biggest increase of any place in the UK. This was followed by the London Borough of Kensington and Chelsea, where it rose by 26.7% to £1.5m – also the highest average price overall – while in Na h-Eileanan Siar (also in Scotland) it was up 25.1% to £159,288.

Commenting on the latest figures, Chris Jenkins, housing price statistician at the Office of National Statistics, said: “While annual growth picked up again in April, this is primarily due to declines seen last year due to changes to the previous tax holiday. of seal. Wales and Scotland saw the most growth with London, again, growing the most slowly.

“Rental prices continued to grow steadily overall. However, while it still lags behind other nations and regions, growth in London continues to accelerate.”

Despite soaring house prices in many parts of the UK, some property experts are predicting that the market could slow down in the coming months due to rising interest rates. The Bank of England recently raised interest rates for the fifth time in a row, to 1.25%, in a bid to stem rising prices by making borrowing more expensive.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said this could be “the best it can be” for homeowners. She added: “These numbers reflect home-buying decisions made much earlier, when we only had the first of interest rate hikes, and the full horror of the energy price cap had yet to emerge. “In many cases, buyers made an offer before the Ukraine invasion, and well before it had a chance to so spectacularly fuel inflation.”

Average house prices by month and local authority area – top 20 areas ordered by % annual change from highest to lowest:

Area // Average price (April 2020) // Average price (March 2022) // Average price (April 2022) // monthly % change // annual % change

Orkney Islands // 164,318 // 189,861 // 220,739 // 16.3% // 34.3%

Kensington and Chelsea // 1,194,465 // 1,416,960 // 1,513,711 // 6.8% // 26.7%

Western Islands // 127,282 // 154,164 // 159,288 // 3.3% // 25.1%

Ceredigion // 211,197 // 256,903 // 259,724 // 1.1% // 23.0%

Scottish Borders // 165,631 // 194,404 // 203,485 // 4.7% // 22.9%

Blaenau Gwent // 107,218 // 128,063 // 131,596 // 2.8% // 22.7%

North Devon // 275,545 // 322,439 // 332,938 // 3.3% // 20.8%

Glamorgan Valley // 253,366 // 309,820 // 304,037 // -1.9% // 20.0%

Pembrokeshire // 196,958 // 230,474 // 236,190 // 2.5% // 19.9%

Babergh // 302,023 // 349,977 // 361,464 // 3.3% // 19.7%

Merthyr Tydfil // 123,245 // 147,624 // 147,341 // -0.2% // 19.6%

Falkirk // 135,740 // 160,032 // 162,195 // 1.4% // 19.5%

Boston // 166,062 // 189,372 // 196,946 // 4.0% // 18.6%

Burnley // 100,284 // 112,794 // 118,901 // 5.4% // 18.6%

Moray // 159,559 // 179,923 // 189,092 // 5.1% // 18.5%

Milton Keynes // 272,406 // 312,607 // 322,615 // 3.2% // 18.4%

Herefordshire // 256,978 // 298,971 // 303,936 // 1.7% // 18.3%

Broadland // 281,643 // 329,416 // 332,076 // 0.8% // 17.9%

Blaby // 251,169 // 288,930 // 295,759 // 2.4% // 17.8%

Southern Ham // 344,515 // 394,233 // 405,599 // 2.9% // 17.7%

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