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House prices in the UK have jumped by 1.6% in April this year; this is due to the lack of housing available to buy.
Average property prices in Britain now stand at a record high of £196.412; this is up by £3,084 compared to figures in March this year. This is the largest increase since March 2014.

 

House prices have cooled since the summer of 2014, where there was a high demand due to the low mortgage rates available at the time, however since there is more demand for properties than there are available this will ensure that house price inflation should  continue to rise steadily throughout the year.

40,281 new homes have been registered by house builders between January and March this year at industry body the National House Building Council; this is 6118 less than in the first quarter of last year. This is still well below 2007 levels and below what is considered to be the amount of new homes needed to supply the demand.

As Britain’s house prices continue to soar, first-time buyer’s expectations are fading, more and more people are deciding to rent rather than save a deposit for their own homes.
The proportion of people saving for a deposit has dropped by 6 per cent over the past year, with 43 per cent saving to buy a property compared to 57 per cent who are not.

Sources: Halifax.co.uk; nationwide.co.uk & thismoney.co.uk