Citywire for Financial Professionals
Stay connected:

View the article online at

House prices see 'relatively little growth', says government

UK house prices rose 1.1% in April and are up 1.4% compared to the same period last year.

House prices see 'relatively little growth', says government

UK house prices increased by 1.1% in April, according to new government figures.

In the 12 months to April, however, there was 'relatively little growth' in house prices, the Office of National Statistics said.

Prices are up 1.4% compared to April last year, but this is down to a 1.7% rise in England offsetting declines of 8.1%, 0.3% and 1.1% in Northern Ireland, Scotland and Wales, the ONS explained.

The increase in England was driven primarily by a 4.9% rise in London. Prices were also up in the South East and South West, by 2.1% and 1.6% respectively. The largest decreases, meanwhile, were recorded in the North West and Yorkshire and Humber.

Prices of new homes rose by far more – some 5.1% – over the year compared to prices of pre-owned property, which increased just 1.1%.

First time buyers, meanwhile, paid an average of 1.5% more for a property in April 2012 than last year, compared to existing owners which paid 1.4% more.

ONS also revealed that the percentage of houses purchased by first time buyers fell from 43% in March to 32% in April following the expiry of the stamp duty holiday for first time buyers on properties worth up to £250,000.

Ashley Alexander, managing director of property website, said the ONS figures merely confirm what we already know: 'that the housing market has been rather subdued over the past 12 months'.

'Property prices have stabilised due to low transaction volumes, a short supply of stock and weak demand,' he explained. 'However, if the London property market takes its foot off the pedal even for a second, the national picture will look far less rosy'.

2 comments so far. Why not have your say?


Jun 19, 2012 at 14:35

In other words, prices are down everywhere except London where they are rising (due funny money from eurozone exiles, oligarchs etc), nowhere in the UK is actually seeing 'relatively little growth'.

report this


Jun 19, 2012 at 15:54

Yes MC England is now effectively two countries economically. London - and the rest. Another example of this imbalance is the Olympic Games fiasco where all the money will go to London. No wonder interest in the Games is almost non-existent outside it.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: The sterling slump: what’s next?

After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news

The Citywire guide to investment trusts

In association with Aberdeen Asset Management

More about this:

What others are saying


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.


4 shares the pros are buying and selling

by Michelle McGagh on May 31, 2016 at 05:00

Sorry, this link is not
quite ready yet