Brexit baggage blamed as price growth continues to slow

Annual property price growth slowed in April, dashing any hopes of a reversal in fortunes for the market after an increase was recorded a month before.

Land Registry data showed UK house prices grew by 1.4% in the year to April giving an average of £228,903.

Average price growth had sped up from 1.19% in February to 1.6% in March but now appears to have slowed again.

The latest figures come from sales that will have taken place at the start of the year when Theresa May’s Brexit deal was first rejected.

Monthly growth was up just 0.7% in April, down from 1% previously. It is, however, the first monthly increase for seven months.

London was the poorest performer, with prices down 1.2% annually, albeit an improvement on the 2.5% drop registered last month.

Average prices in the south east were also down 0.8% annually.

Annual house price growth was strongest in Wales where prices increased by 6.7% in the year to April 2019, up from 3.9% in the year to March 2019.

The north east was the top performer on a monthly basis, with average prices up 5%.

On a country basis, Scotland saw house prices increase by 1.6%, while the Northern Ireland market was up 3.5%.

The slowest annual growth was in England where prices increased by 1.1% annually.

The figures also suggest first-time buyers are bypassing the traditional route of purchasing a flat and are moving straight into houses.

The Land Registry data shows the average price of a flat or maisonette fell 1.6% annually in April, while the cost of semi-detached and detached properties increased by 2% and 2.7% respectively.

The price of terraced homes was also up 1.9% over 12 months.

Provisional sales data for February suggested transactions were up 1.7% in England, 1.9% in Scotland and 1.4% in Wales on an annual basis, but dropped 6% in Northern Ireland.

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