Following on from research from Rightmove suggesting house price rises may be slowing, the Office for National Statistics has published figures that paint a different picture of the year until April.
Yesterday, the Journal revealed that new seller asking prices for the North dropped 0.8% in June, according to Rightmove’s House Price Index for the month, with average prices going from £152,790 to £151,496.
The ONS data, however, suggests house prices were still rising rapidly in April, during which all regions of the UK, apart from Wales and the South West, saw bigger annual increases compared to March.
The most dramatic annual change was seen in London, where the annual increase for the year to March was 17%, rising to 18.7% by April.
The next highest riser was the South east, with 6.1% and 8.9% for the respective periods, followed by the East, with 6.6% and 8.5%.
The North East came fourth in the table of regional house price rise rises, recording a 4.1% annual rise to March and 6.8% rise to April.
Throughout England a whole, the average rises were 8% and 10.4% respectively, while the UK averaged 8% and 9.9%.
All areas saw house prices outpace inflation.
Campbell Robb, chief executive of charity Shelter, said the latest figures were evidence that “house prices are spinning further out of control”.
“Worryingly, as house prices continue to rise, some will be tempted to overstretch themselves in a frantic bid to get on the property ladder,” he said.
“But with interest rates currently at historic lows, it’s a real concern that many might find themselves struggling to make ends meet in the future.
“Thousands of people are working hard and saving, now Government must meet them halfway by building the genuinely affordable homes they desperately need.”
