(Alliance News) - UK house prices rose to a fresh record high in April despite growing economic pressures, figures from property portal Rightmove showed on Monday.
UK house prices hit a high of GBP360,101 in April, up 1.6% from GBP354,564 in March. It was also the third straight monthly increase for house prices.
On an annual basis, the Rightmove house price index rose 9.9% in April, slowing slightly from 10% in March.
Rightmove said that despite growing economic pressures, the 2022 housing market continues to set new milestones for price and activity levels. Further, it said high buyer demand for limited stock for sale suggests that while price growth may slow down, sustained price falls are unlikely.
Righmove's Tim Bannister said: "While growing affordability constraints mean that this momentum is not sustainable for the longer term, the high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a hat-trick of record price months, and the largest price increase for a three-month period Rightmove has ever recorded.
"The strong momentum has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we've ever seen. The high speed of the market and competition among buyers when making an onward move will be deterring some owners from putting their homes up for sale.
"However, if you can secure both a quick sale and a quick purchase then it's a lot less stressful than the uncertainties of a slower market when finding a buyer for your own home can drag on for months or not happen at all. Over 125,000 new sellers have taken advantage of the great sellers' market this month, but more are needed in all areas and in all property sectors to meet high buyer demand."
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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