DCLG report: House prices up 1.2 percent in April
New data from the Department for Communities and Local Government has contradicted recent surveys from the Halifax (LSE: HBOS) and Nationwide that show house price growth slowing slightly. The DCLG’s new survey shows house prices up by 1.2 percent in April, to an average of £210,000.
London and Northern Ireland had large gains again, with house prices in both regions above the national average. In the past year, house prices in Northern Ireland have gone up by 54 percent, while in London the average house price is up 14 percent in the past year to £320,000. In other areas, Scotland has seen house prices go up almost 18 percent in the past year, while a home in Wales costs 9 percent more than it did a year ago.
According to analysts, the government survey has come up with slightly different statistics than the other reports because it is based on mortgage completions and are slightly behind the data in the other surveys. The more recent data shows that recent interest rate increases by the Bank of England have begun to affect house prices, which have become less affordable.