Average house price up £25K

The average house price in England and Wales has risen by more than £25,000 in the last 12 months, although the number of sales being made is still historically low. A 0.5% rise in prices during April took the average house price up to £225,963. It marks the twelfth month in succession that values have risen, according to Academetrics. The rising house prices are not translating into sales however, as transactions fell by 5% in April, compared with March. The level of sales in April, was the second lowest figure for the month since1995. Dr Peter Williams, chairman of Academetrics, said that increased buyer competition in a market characterised by weak supply had affected sales.