The latest data from the Office for National Statistics (ONS) has revealed that UK average house prices increased by 12.4% over the year to April 2022, up from 9.7% in March 2022.

The average UK house price was £281,000 in April 2022, which is £31,000 higher than this time last year.

Average house prices increased over the year in England to £299,000 (11.9%), in Wales to £212,000 (16.2%), in Scotland to £188,000 (16.2%) and in Northern Ireland to £165,000 (10.4%).

London continues to be the region with the lowest annual growth at 7.9%.

Paul McGerrigan, CEO at national fintech broker Loan.co.uk, said: “The strong price growth figures for April, of 12.4% over the year and 1.1% month on month, show there are no signs of the property market slowing, which is remarkable considering the forces pushing against it. Lack of supply, the continued trend toward remote working and the need for extra space are still outweighing the negative factors of inflation, rising mortgage rates and uncertainty but the question is for how long.

“The softening of stress test rules for mortgage lenders, is an attempt by government to combat the impact of inflation on affordability and grease the wheels of the lending market to maintain a healthy property market in the second half of the year. Lenders will proceed with caution.

“The ongoing war in Ukraine continues to play a large part in driving living costs upward which will inevitably impact borrowing and therefore property prices in the future. Rising interest rates may start to deter the cautious and price growth will slow in the coming months.

“With the changing market, the role of mortgage brokers is ever more vital to assist those seeking to enter the market or climb the property ladder.”