House prices pick up in April

PRICES for the UK housing market have picked up in April after falling in values the previous month, according to the country’s biggest mortgage lender.

The Halifax, part of Lloyds Banking Group, said property values rose by 1.1% in April compared with March when prices fell 1.25%.

The annual rate of growth almost doubled with house prices up 5% compared to a year earlier when house prices dropped.

The average home is valued at £236,619 compared with 10 years ago, which was the trough in house prices amid the financial crisis, the typical UK property has risen in value by £81,956, the equivalent of a 4.3% average annual increase.

The annual house price rise of 5% reported by the Halifax, based on its own mortgage data, is out of step with many other surveys. The year-on-year volatility has been explained by the Halifax as a result of the comparison with a low growth rate over the corresponding period in 2018.