Semi-detached homes see strongest UK house price growth over past year


Semi-detached homes have outperformed other property types to see the strongest house price growth over the past year, according to official figures.

The report said semi-detached homes were the best performers in April in terms of annual house price growth, rising by 5.3% in the year to April to £214,717 on average.

The figures, from the Office for National Statistics (ONS), the Land Registry and other bodies show that by contrast, the average price of flats and maisonettes showed an increase of 1% in the year to April 2018 to £202,052 - the smallest increase of all property types looked at.

This weaker annual growth was driven by London, which accounts for around a quarter of UK sales of flats and maisonettes, the report said.

Prices of detached homes increased by 3.8% annually to reach £342,154 on average, while terraced homes saw 4.7% annual price growth to reach £184,304 typically.

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The index also showed that, in general, UK house price growth slowed to the lowest annual rate seen in more than a year in April.

Average house prices in the UK have increased by 3.9% in the year to April to reach £227,000 on average - the lowest annual rate since March 2017 when it was 3.7%.

In March, annual house price growth had stood at 4.2%.

The report said the annual rate of house price growth has slowed since mid-2016 and has then remained under 5% across 2017 and 2018 so far, with the exception of October 2017 when annual growth edged just above 5%.

On a month-on-month basis, house prices edged up by 1.2% in April.

In England, house prices increased by 3.7% over the year to April, with the average price in England now £244,000.

Within England, the South West showed the highest annual growth, with prices increasing by 6.1% in the year to April, followed by the West Midlands (5.9%).

The lowest annual growth was in London, where prices increased by 1% over the year, followed by the North West, where prices increased by 2.4% in the year to April.

Wales saw house prices increase by 4.4% annually to stand at £156,000 on average.

In Scotland, the average price increased by 5.6% over the year to stand at £149,000. The average price in Northern Ireland is £130,000, an increase of 4.2% over the year.

Jeremy Leaf, a north London estate agent and a former residential chairman of the Royal Institution of Chartered Surveyors (Rics), said: "The increase in house prices is more to do with the lack of supply of appropriate property in places where people most want to live rather than a marked improvement in confidence.

"Looking forward, we do not expect major change but do hope more sellers appreciate the difference between vanity and sanity when it comes to recognising these new market conditions."