House prices skyrocket in parts of the UK

House prices rose in parts of the UK from April to April – as the country saw the second biggest annual increase in more than a decade.

According to the latest figures from the Land Registry, the average UK home price reached £281,161 in April. This was up 1.1% from £278,215 in March and 12.4% from a year earlier, when the figure stood at £250,210.

This was the second biggest increase in more than 15 years after prices rose by 13.3% in June 2021, driven by a flurry to take advantage of the stamp duty holiday imposed to boost the property market. Epidemic.

The annual increase was faster in Meczyki and Scotland (16.2%) than in England (11.9%), while changes in prices varied significantly between local regions.

In Scotland’s Orkney Islands, the average price rose by 34.3% during the year to £220,739 – the biggest increase anywhere in the UK. It was followed by the London boroughs of Kensington and Chelsea, where it rose 26.7% to £1.5 million – the highest average value overall – while in Na h-Eilenn Seer (also in Scotland) it rose 25.1% to £159,288.

Commenting on the latest figures, Office for National Statistics House price statistician Chris Jenkins said: “While the annual growth picked up again in April, it was mainly due to the decline seen at this time last year from the change in the previous stamp duty holiday.” Meczyki and Scotland saw the highest growth with London, again, growing the slowest.

“Rent prices as a whole continued to rise steadily. However, London continues to grow, while still lagging behind other countries and regions.”

Despite a sharp jump in home prices in many parts of the UK, some property experts predict that rising interest rates could lead to a slowdown in the market in the coming months. The Bank of England recently raised interest rates to 1.25% for the fifth time in a row, to put the brakes on rising prices by making lending more expensive.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdowne, said it could be “as good as it gets” for property owners. She continued: “These figures reflect home purchase decisions made long ago, when we only had interest rate hikes for the first time, and the full panic of energy price caps didn’t begin.” In many cases, buyers will Before the invasion of Ukraine, and before it had a chance to feed into inflation so spectacularly, he has made an offer.”

Average house prices by month and local authority area – the top 20 areas ordered by annual % change from highest to lowest:

Area // Average Price (April 2020) // Average Price (March 2022) // Average Price (April 2022) // Monthly % Change // Yearly % Change

Orkney Islands // 164318 // 189,861 // 220,739 // 16.3% // 34.3%

Kensington and Chelsea // 1,194,465 // 1,416,960 // 1,513,711 // 6.8% // 26.7%

Nah-Ellenan the Jackal // 127,282 // 154,164 // 159288 // 3.3% // 25.1%

Ceredigion // 211197 // 256,903 // 259,724 // 1.1% // 23.0%

Scottish Borders // 165,631 // 194,404 // 203,485 // 4.7% // 22.9%

Blanau Gwent // 107218 // 128,063 // 131,596 // 2.8% // 22.7%

North Devon // 275,545 // 322,439 // 332,938 // 3.3% // 20.8%

Glamorgan’s Valley // 253,366 // 309,820 // 304,037 // -1.9% // 20.0%

Pembrokeshire // 196,958 // 230,474 // 236,190 // 2.5% // 19.9%

Babargh // 302,023 // 349,977 // 361,464 // 3.3% // 19.7%

Merthyr Tydfil // 123,245 // 147,624 // 147,341 // -0.2% // 19.6%

Falkirk // 135,740 // 160,032 // 162,195 // 1.4% // 19.5%

Boston // 166,062 // 189372 // 196,946 // 4.0% // 18.6%

Burnley // 100,284 // 112,794 // 118,901 // 5.4% // 18.6%

More // 159,559 // 179,923 // 189,092 // 5.1% // 18.5%

Milton Keynes // 272,406 // 312,607 // 322615 // 3.2% // 18.4%

Herefordshire // 256,978 // 298,971 // 303,936 // 1.7% // 18.3%

Broadland // 281,643 // 329,416 // 332,076 // 0.8% // 17.9%

Blabby // 251,169 // 288,930 // 295,759 // 2.4% // 17.8%

South Hams // 344,515 // 394,233 // 405,599 // 2.9% // 17.7%

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