Northern growth sparks house price pick-up in March: UK HPI

Yorkshire and the Humber showed the highest annual growth, with prices increasing by 3.6% in the year to March, followed by the West Midlands at 3.4%.

The lowest annual growth was in London, where prices fell by 1.9% over the year to March, up from a fall of 2.7% in February.

The average house price in England increased by 1.1% over the year to March, up slightly from 1.0% in February. House prices in Scotland increased by 3.3% over the year, up from 0.5% in the year to February.

House price growth in Wales increased by 3.0%, down from 3.6% in February 2019. Northern Ireland house prices increased by 3.5% over the year to Q1 2019. Northern Ireland remains the cheapest UK country to purchase a property in, with the average house price at £135,000.

Sam Mitchell, CEO of Housesimple, commented: "It's telling that these figures show Yorkshire and the Humber as recording the strongest price growth.

"It has been in the northern regions, such as Yorkshire and the North West, that activity has been strongest during the past few months. Buyers and sellers have shown a real determination not to let Brexit derail their house buying and selling decisions.

"Activity has remained buoyant during this period, as buyers in the north have taken advantage of attractively priced property stock and competitive mortgage rates to strike a deal while market conditions are favourable.

"The market has now settled down, and with the EU leave date extended to the end of October, we are expecting more buyers and sellers to take advantage of this Brexit limbo, and relatively calm market conditions, to proceed with sales and purchases."

Jeremy Leaf, north London estate agent and former RICS residential chairman, added: "Once again, we are seeing London acting as a drag on the rest of the UK housing market as despite improvements in affordability, almost record low mortgage rates and unemployment, combined with a shortage of stock. With prices down one month, up the next - no real pattern has emerged.

"On the ground, we are seeing pent-up demand drip-feeding back into the market but many sellers buoyed by significant equity are still finding it difficult to accept the realities of today’s new norm."