HOUSE prices are at an all-time high, hitting an average £313,655 in April – up 1.1 per cent on last month.
The average asking price has now overtaken the previous peak of £310,471, reached just before the Brexit vote in June 2016.
Across England and Wales, house prices are up 2.2 per cent over the past year.
Surprisingly, London is the only region that has seen house prices drop over the past month and year.
The figures come from property website Rightmove, whose records go back to 2002.
It found that the high number of house sales, particularly from first-time buyers, has helped to push asking prices upwards.
Asking prices in the first-time buyer market are up by 6.5 per cent year-on-year, with the typical price tag on a first-time property – one with no more than two bedrooms – now standing at just shy of £195,000.
Miles Shipside, director of Rightmove, said there are signs of a “strong spring market”, which should help to counteract any jitters in the market ahead of the general election on June 8.
Although house prices are at record highs, Rightmove said that the pace of growth has slowed, and is now at its lowest for four years, since April 2013.
London is one of two regions where average asking prices are lower than a year ago, with prices down around 1.5 per cent year-on-year.
Properties in the capital carry an average price tag of £636,777.
The north east of England has also seen asking prices dip, by 0.7 per cent annually, and they now stand at an average of £150,350.
But month-on-month prices in the north East of England are up, by 2.4 per cent.
The east of England has seen the strongest growth in asking prices over the last year, with a 5.3 per cent increase – taking the average property price there to £349,269.
In Wales, asking prices are up by 4 per cent year-on-year to reach £186,172 on average.
Wales also recorded the strongest monthly gains, with prices up 7.6 per cent since March.
Shipside said: “Strong buyer activity this month has led to ten per cent higher numbers of sales agreed than in the same period in 2016.
“With the growth in household numbers and new-build supply struggling to keep pace, demand is strong and has led to the highest sales agreed numbers at this time of year since the heady pre-credit crunch levels.”
How to get help buying a house
THERE are several government schemes available to help you get on to the housing ladder.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership properties.