Halifax HPI reveals 'surge' in house prices

House prices increased by 5% in the three months to April, compared with the same period last year, to an average of £236,619, according to the latest Halifax house price index (HPI).

Prices increased in the last quarter (February to April) by 4.2%, compared with the preceding three months.

There was a monthly increase of 1.1%, up from the -1.3% decrease witnessed in March.

The year-on-year price growth figures were described as a “surge” by Jonathan Hopper, managing director at Garrington Property Finders.

“Better late than never — the property market has dusted itself off and delivered a decent spring bounce,” said Jonathan.

“All three measures of the Halifax’s measures of price growth are marching upwards, but most impressive of all is the surge in the year-on-year figure, back to a level undreamt of in 2018.”

Lucy Pendleton, founder-director at James Pendleton, said: “The blistering volatility of this index has returned as the Halifax house price weather vane spins itself into a frenzy once more.”

"This bumpy ride is symptomatic of a property market that continues to be held back by low stock levels and ongoing uncertainty around Brexit, which is making buyers hesitant to commit,” added Sam Mitchell, CEO at Housesimple.

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