Andy Sommerville, director of Search Acumen, comments on the UK House Price Index (HPI), April 2016:
“The 8% leap in UK-wide prices from April 2015 to 2016 is much higher than the 5% year-on-year leap seen in April 2014-2015, which shows just how much house prices have shot up in the past year, despite the relatively moderate price rises we’ve seen in the last few months.
“The EU Brexit debate has also zoomed in on house prices, and the potential costs of both remaining and leaving, which is putting people off buying and selling.
“Whatever the result may be next week, however, the housing market is fundamentally strong but the huge gap between demand for homes and the numbers being built will continue to see house prices rise.
“Areas around the capital, in particular, are quite stretched with Slough, Waltham Forest, and Thurrock just behind London in the chasing pack of house prices. Aspiring first time buyers in these areas continue to be relatively worse off in terms of affordability.”