New figures from The Department for Communities and Local Government (DCLG) showed April house prices were 10.1% higher than a year ago.
This represents the strongest rate if inflation since October 2007. The report indicates growth of 0.4% during April, broadly in line with other market reports.
Wales has recorded the highest annual growth at 11.3%, whilst England trailed slightly behind at 10.9%. Scottish house price growth was considerably lower at 2.2% but Northern Ireland saw average prices falling by 8.9%. The Council of Mortgage Lenders (CML) says that lending is 15% higher than a year ago.
RICS
Meanwhile, the most recent survey from the Royal Institution of Chartered Surveyors (Rics) shows a “sharp increase” in the amount of property reaching the sales market.
The report says that 22% more surveyors reported a rise in prices than reported a fall in the three months to May. RICS spokesperson Ian Perry said: “Surveyors are generally confident that sales will continue to pick up over the summer months. The increase in supply as a result of the abolition of Hips is helping to support this optimism.”
