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Tuesday 13 June 2017

UK house prices accelerate to record

UK house price inflation picks up

The average UK house price rose to a record high £220,094 in April 2017, having increased by £12,000 over the past year.

Given that the figures relate to April, this had nothing to do with the election, whatever the headlines might say.

The annual pace of growth accelerated to 5.6 per cent, driven by price gains in England, where the average price rose to £237,000 (up from £224,000 a year earlier).

London prices were up by 4.9 per cent over the year to a fresh high of £482,779.

House price growth in London has slowed on average, however, with the strongest price growth now being seen in the lowest price deciles, but prices and volumes on the slide for premium properties. 

The fastest price inflation was seen in the East of England, with Dartford a top performer in recording 13.1 per cent annual house price growth. 

Consumer price inflation jumped in May, potentially putting a squeeze on consumers.