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London and South drive April house price rises

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House prices have increased for the second consecutive month in April, driven by rises in London and the South.

House prices have increased for the second consecutive month in April, driven by rises in London and the South, analyst Hometrack has found.

Prices increased by 0.1% across England and Wales in April, down on the 0.2% recorded in March.

Despite a 0.3% rise in house prices in London and 0.1% rise across the regions of southern England, house prices were either static or falling, said Hometrack.

It added that the impetus for price rises over the last two months has been higher demand with buyer registrations up almost 25% over the last three months.

“This is largely explained by the recent ending of the Stamp Duty holiday combined with the usual upturn in demand associated with the spring buying season.”

According to Hometrack, new buyer registrations grew by just 2.1% over April, half the level recorded in March at 4.4%. Supply grew by 4.8% in April, up from a 3.6% increase in March.

Over the last three months, supply has grown by almost 19%.

“If April’s slowdown in demand and rising supply continues over the coming months, we will begin to see a reduction in the upward pressure on prices,” said Hometrack.

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