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UK house prices reach new high

Monday, 1 May 2006 12:00 AM

UK house prices rose for the fifth month running in April and hit their highest amount in almost two years, a survey has revealed.

House prices were driven up by 0.6 per cent last month mainly due to continued recovery in the south-east and London, according to Hometrack's monthly survey.

The average UK home now costs £163,500.

However, the property website said house prices remained static across 60 per cent of the UK during April, adding that there may be a slowdown in activity in the lead up to the summer and the World Cup.

"These results show a clear and ongoing north-south divide in the performance of the housing market," said Richard Donnell, Hometrack's director of research.

He added: "In the short-term prices in London are likely to be supported by an ongoing shortage of housing for sale. However, the current level of growth is unsustainable over the longer-term as house prices in the capital still remain relatively high.

"Away from the capital we are likely to see only modest levels of growth over the rest of the year," he added.

Mr Donnell said London continued to be a major driving factor in the price of UK homes, with the average value of a London home rising 1.2 per cent during April and three per cent over the last quarter.

Growth in other regions totalled less than 0.5 per cent over the last three months.

Hometrack said house prices on 2006 would depend on whether the unprecedented growth of the London house market can be sustained.

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