Development Funding News:- House prices in April revealed a 1.4 per cent year-on-year rise according to the latest Land Registry figures .
The average UK house is now valued at £228,903 with April figures showing a 0.7 per cent increase on March’s data.
First-time buyer house prices revealed a monthly increase of 0.5 per cent and a yearly increase of 0.6 per cent bringing the average value to £205,022. New builds showed a monthly price rise of 3.4 per cent in February with the average value at £309,985.
House prices grew fastest in the Wales increasing by 6.7 per cent in the year to April 2019 with the average property value at £163,902. April saw a 2.4 per cent month-on-month rise in prices.
London experiences modest growth in April
House prices in London fell by 1.2 per cent over the year to April 2019, up from a fall of 2.5 per cent in March 2019. The only property type to buck the trend were detached houses which saw a 2.2 per cent year-on-year increase with the average property valued at £918,256. London experienced a month-on-month 2.4 per cent increase in April bringing the annual property price to £471,504.
The North East saw the biggest increase in prices with a 5 per cent month-on-month rise in April, while the West Midlands experienced the most significant monthly fall of 0.2 per cent.
Development Funding – HZA
Brokers Hank Zarihs Associates said the Land Registry figures were a positive sign and added that property development funding was buoyant with competitive construction loans available for the right housing schemes.
The UK Property Transaction Statistics for April 2019 showed residential transactions with a value of more than £40,000 was 99,420. This was 0.8 per cent higher compared to a year ago but between March 2019 and April 2019, transactions decreased by 0.3 per cent.
The East of England had the lowest number of repossession sales in February 2019 at 15 while the North West had the highest number at 130. Throughout England there were a total of 544 repossession sales.