Prices Continue to Rise on Property Investment

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Property prices continue to rise as house price inflation hit a six-month high in April, according to the latest data from the Office of National Statistics (ONS).

Nearly £3,500 was added to the value of the average house during April after the property market enjoyed a spring surge.

The ONS figures seem contrary to other reports that were indicating that the property sector is beginning to slow.

Average property prices in the UK increased by 5.6 per cent year-on-year when compared to April 2016, up from 4.5 per cent in March. Prices reached an average of £220,094 marking an increase of £3,491 from the March figure.

The latest figures confirm that average property prices in the UK have risen by almost £12,000 over the last year.

Property prices in Scotland recorded an even more impressive boost, rising on average by £8,000 during April, from £138,000 to £146,000.

Whilst the average price rises looked strong, the Office of National Statistics acknowledged that although April had seen an increase, ‘there has been a general slowdown in the annual growth rate since mid-2016’.

One star performing area in the UK was Dartford, where average property values have risen by a hefty 13.1 per cent over the last year to reach £306,405.

Property affordability within relatively close proximity to London is thought to be one of the main reasons for Dartford’s impressive rise.

There has also been considerable residential property and infrastructure investment in areas surrounding Dartford, famous for the tunnel and bridge Thames crossings.
Bluewater shopping centre has been followed by high speed rail links at Ebbsfleet offering transport to Central London in around 12 minutes.

With a new Paramount Studios theme resort also planned for nearby Greenhithe, Dartford could be a place to watch for property investment.

Other London commuter towns such as Amersham and Chesham in Buckinghamshire also saw strong growth of 13 per cent over the year, whilst Rutland in the East Midlands was not far behind with a rise of 12.8 per cent