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UK house prices rise by 0.2% in April

The average UK house priced increased by 0.2% in April leading to a rise of 8.5% over the last 12 months. However, on a regional basis there are major variations on the 8.5% annual increase and not every housing market in the UK is experiencing increased demand!

The report by the Land Registry shows that Brighton and Hove has the highest year on year increase of 16.8%, Bristol is next on 15.9% but on the downside Middlesbrough has seen a -9.5% fall in property prices over the last year, with a reduction of -2.9% in April. This perfectly illustrates the very patchy and very difficult to forecast recovery in the UK property market which is not impacting upon every area of the UK. There are a number of reasons why the recovery is so patchy in the property sector including regional characteristics, employment prospects, liquidity in mortgage markets and underlying demand for houses.

It is worth remembering that the Land Registry report is based upon completed property transactions as opposed to those which have been agreed but not necessarily rubberstamped. As a consequence, there can be something of a time lag with many of the transactions included in today's report having been agreed weeks or months ago.

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