House prices have soared by £50,000 since the start of the pandemic

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House worth information defies expectations with price of the common house surging £50,000 since start of the pandemic

House prices in Britain have soared by £50,000 since the start of the pandemic, in response to official figures launched yesterday.

In a report that solid doubt on expectations of a pointy slowdown in the property market, the Office for National Statistics (ONS) stated that the worth of a typical house hit £281,000 in April.

That was £50,000 increased than in February 2020 as the coronavirus disaster struck, and £31,000 increased than in April final yr. 

The Office for National Statistics stated the worth of a typical house hit £281,000 in April. That was £50,000 increased than in February 2020 and £31,000 increased than in April final yr

Analysts stated the property market was being pushed by consumers seeking to lock in low-cost mortgage offers forward of additional anticipated charge hikes by the Bank of England.

Mark Harris, of SPF Private Clients, a mortgage dealer, commented: ‘Borrowers are moving quickly to secure the best fixed rates.’

The ONS stated home prices elevated 12.4 per cent in the 12 months to April, which was a sooner rise than the 9.7 per cent achieve that was made in the yr to March. 

It was the second highest charge of progress for 16 years – crushed solely by June 2021 when prices rose by 13.3 per cent as consumers raced to finish in a stamp responsibility vacation.

In Wales and Scotland, home worth progress hit 16.2 per cent. In England, the charge was 11.9 per cent, whereas Northern Ireland recorded 10.4 per cent progress.

The South West had the quickest worth will increase of any area in England, with progress at 14.1 per cent, whereas London recorded the slowest tempo of progress, at 7.9 per cent.

Despite the rises consultants have warned the property market will gradual later this yr as low-cost mortgage choices dry up.

Andrew Montlake, the managing director of mortgage dealer Coreco, stated: ‘This data is not a true reflection of where the market is right now.

The era of ultra-cheap money is finished and that will soon start to feed through into house-price growth.’

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