House prices fall for the first time in months
Between March and April 2021 the average UK house price fell by 1.8%. However, this figure is still 8.9% higher than the figure in April 2020.
The House Price Index has shown that the average price of a property in April 2021 was £250,772. This fell from £255,707 in March 2021.
The increase in mortgage lending in March 2021 to £35.6 billion was still thought to have boosted Aprils sales figures.
Nick Barnes, head of research at Chestertons, has said that this will create a snowball effect in the coming months. As a result of this we will see a strong demand from buyers in what is an already competitive market.
Paul Stockwell, has said that the annual growth in prices is still viewed as remarkable. The shortage of properties coming into the market is likely to see house prices increase well into summer.