House price annual inflation was 10.4% in England, 3.3% in Wales, 4.8% in Scotland and 2.6% in Northern Ireland.
House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.
Annual house price increases in England were driven by rises in London (18.7%), the South East (8.9%) and the East (8.5%) - excluding London and the South East, UK house prices increased by 6.3% in the 12 months to April 2014.
On a seasonally adjusted basis, average house prices increased by 2.0% between March and April 2014.
In April 2014, prices paid by first-time buyers were 10.7% higher on average than in April 2013. For owner-occupiers (existing owners), prices increased by 9.5% for the same period.
Stephen Smith, Director, Legal & General Mortgage Club and Housing, comments:
“Although house prices are rising overall, there are significant regional disparities as shown by these figures. House price inflation in the UK is being driven by London and the surrounding areas where demand for houses continues to rise. Although other areas are seeing house price growth, it is not accelerating at the same level as in the capital.
"Over the coming months it will be important that the market is encouraged to grow in a healthy manner. Whilst an increase in people looking to buy property indicates recovery in the wider economy, current levels of housing supply are not sufficient to meet demand now or in the coming months. Across the UK 250,000 new houses need to be built each year to meet this demand and ensure house prices remain at an affordable level. As it stands, however, we are only constructing around half that number.”
Karen Bennett, Sales and Marketing Director, Commercial Mortgages, Shawbrook Bank:
“The continued strength of house prices shown by the latest ONS figures won’t come as a surprise for anyone in the industry. Again, house prices are driven by London and the South East, but it’s important not to forget the state of housing in the rest of the country. House prices in other regions are increasing at a slower rate but are rising and are a promising environment for experienced property investors who are looking to engage with a buoyant property market. It will be interesting to see how later in the year overall demand for housing and house prices are affected by tightening residential controls due to the MMR.”
