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April sees biggest monthly rise in UK house prices since 2004

Property values reached a record high of £238,831

UK house prices grew in April at the quickest rate in over 15 years, research by Nationwide has revealed.

Compared to the month before, the average house price was up by 2.1%, which is the biggest increase since early 2004.

Year-on-year house price growth rose to 7.1% in April compared to 5.7% in March, as property values reached a record high of £238,831.

According to Nationwide, UK house prices have increased by £15,916 over the past year.

Nationwide chief economist Robert Gardner said: “Just as expectations of the end of the stamp duty holiday led to a slowdown in house price growth in March, so the extension of the stamp duty holiday in the Budget prompted a reacceleration in April.

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“However, our research suggests that while the stamp duty holiday is impacting the timing of housing transactions, for most people it is not the key motivating factor prompting them to move in the first place.”

Gardner added: “Housing market activity is likely to remain fairly buoyant over the next six months as a result of the stamp duty extension and additional support for the labour market included in the Budget, especially given continued low borrowing costs and with many people still motivated to move as a result of changing housing preferences in the wake of the pandemic.”

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