Property prices in England and Wales show only marginal growth in April

Property prices in England and Wales show only marginal growth in April [Photo: merron via iStock]

The average price of buying a home in England and Wales has remained largely static for the second month in a row, according to a new report, which suggests that April saw only small gains in the price of homes nationwide. 

The data, released as part of the Your Move index for April, shows that the average property price in England and Wales now sits at £301,606. This was only up by 0.1 per cent when compared to March, suggesting another month where there has been little in the way of new forward momentum. 

However, the good news is that even if gains are only minimal, prices are still headed in the right direction in general, and when they are examined on an annual basis, it's clear that growth is still very evident in England and Wales. 

When compared to April last year, the Your Move index shows a climb of some 3.5 per cent in house prices across the country, with the East of England and the West Midlands currently the two areas that are experiencing the fastest growth. 

At present, one of the biggest factors that would be expected to be playing into house prices would be the announcement of the snap election in June. However, so far this has actually had little impact on the market. But Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said the main parties need to ensure they put housing at the forefront of their campaigns moving forward. 

"Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more," he said. 

"As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand, which will stimulate more market activity, stability and enable more people to secure their dream home."