UK house prices grew for the second consecutive month, following eight months of falls, according to official data released today.
The average UK house price rose 1.1% in the year to April 2024 to £281,000, up from 0.9% in the year to March 2024, with last month's figures revised down from 1.8% in the provisional estimate a month ago.
These are the official numbers from the Land Registry, distributed by the Office for National Statistics.
In England, average house prices increased 0.6% to £298,000, while prices in Scotland have risen more sharply of late, up 4.5% to £190,000.
UK private rents are continuing to increase at a far greater rate than house prices, rising by an average of 8.7% in the year to April, with the rise easing from 8.9% in last month's figure.
Average rents increased to £1,301 (8.6%) in England, £736 (8.5%) in Wales, and £957 (9.3%) in Scotland, with the highest average rent in Kensington and Chelsea (£3,397) and lowest in Dumfries and Galloway (£480).
The rebound in UK house prices in the last two official readings is "bringing some much-needed stability to the property market", says Iain McKenzie, CEO of The Guild of Property Professionals.
"This period of calm is an opportunity for both buyers and sellers alike. Sellers can benefit from continued strong buyer demand, while a more balanced market may offer better value for buyers, particularly those looking to own their first home."
He noted that while mortgage approvals dipped slightly in April, the overall number of transactions remains higher year-on-year, suggesting a market with "continued momentum".
Sarah Coles, head of personal finance at Hargreaves Lansdown, says the rise in prices in April is a reflection of the fact that "when many of these sales were agreed in January, mortgage rates were falling and buyers were flocking back to the market".
She notes that most political parties included first-time buyers in their manifestos, with both Labour and the Conservatives hoping to encourage the building of more properties – with Labour pledging 1.5 million more homes and the Conservatives 1.6 million, Labour focusing on building more affordable housing and reforming planning, the Conservatives suggesting cutting stamp duty on homes up to £425k for FTBs, with both parties pledging a permanent mortgage guarantee scheme.