According to the Nationwide building society house prices across the UK are resuming an upward trend…
With house prices estimated to grow over the next year it is hardly surprising that new figures have revealed house prices grew last month.
Building society Nationwide has revealed that between March and April there was an increase in house prices of one per cent. This represents the largest monthly rise since June 2014.
Additionally, the annual pace of growth rose to 5.2 per cent, the first time this figure has risen in seven months.
Nationwide reported the average house price is now £193,048, the highest recorded. It is also the first time prices have exceeded £190,000.
The figures, while a good sign for the economy, do little to alleviate the concerns of many people across the UK who are struggling to purchase property. First-time buyers are having to save for decades in a bid to get on the housing ladder, and many people have resigned themselves to the fact property ownership will never happen for them.
Nationwide’s Chief Economist Robert Gardner said: “The pick-up in price growth has occurred even though the pace of activity in the housing market has remained fairly subdued in recent months.”
The news comes after reports the number of mortgages approved has also risen. The British Bankers’ Association (BBA) said approvals were now at the highest level for six months. However the figure was still 14 per cent lower than the peak in March 2014.
Housing charity Shelter revealed in a report that 80 per cent of homes in England are unaffordable for families on average local incomes. The report also warned that in London there were only 43 homes for sale that were classed as affordable. Four of these properties were houseboats. These figures are troublesome, and simply highlight the deepening crisis in the housing sector.