The average house price in the UK rose by 12.4% on an annual basis this April, shows data provided by the Office for National Statistics (ONS).

This compares to a 9.7% increase recorded in March.

On a monthly basis, house prices moved up by 1.1% in April. A year ago, this read as negative 1.3%.

It means that in April 2022, the average house price in the UK stood at £281,000 – £31,000 times more than in April 2021.

In England specifically, the average house price grew by 11.9% on the year, leaving it at £299,999.

In Scotland, a 16.2% rise saw the average house price hit £188,000. And in Wales, house prices moved up by 16.2%, giving an average price of £212,000.

Meanwhile, Northern Ireland saw its average house price rise to £165,000 after a 10.4% rise.

Coreco managing director Andrew Montlake comments: “April is an age ago so this data is not a true reflection of where the market is at right now.

“The era of ultra-cheap money is finito and that will soon start to feed through into house price growth. Increased borrowing costs and the immense pressure on household finances will almost certainly start to temper demand in the months ahead, which will see the rate of price growth slow.

“The one constant in these times of flux, of course, is the lack of supply and homes being built. The dearth of good quality, affordable housing for sale will support prices even as we go through an unprecedented cost of living crisis.”

IMMO director Anna Clare Harper adds: “UK HPI data shows annual house price growth… led by the South West, East Midlands and Yorkshire and the Humber.

“The natural next question is: why are house prices still booming in the context of post-Covid, post-Brexit and mid-Ukraine turmoil? The problem is much the same as that affecting the wider economy – shortage of supply. This is particularly acute for properties for sale and indeed for rent which are affordable, in places people want and need to live, and of good quality.”