UK HPI: home sales drop 45.2% in April

However the number of UK home sales continued to grow in the three months to April, rising by 8.3% compared to the preceding three months.

House prices saw a monthly price rise of 0.6% and an annual price increase of 8.2%.

In England, the data shows an annual price increase of 9.1%, taking the average property value to £224,731.

Wales shows an annual price increase of 1.7% which takes the average property value to £139,385. However monthly house prices fell by 1.9%.

The North West saw the greatest monthly growth with an increase of 2.3%, but surprisingly the South West saw the most significant monthly price fall with a 2.8% fall.

London remains the region with the greatest increase in its average property value over the last 12 months with a movement of 14.5%.

Ian Thomas, Co-Founder and Director of LendInvest, commented: “Without fundamental changes to the way we build houses in Britain, further house price rises like the ones reported today are inevitable.

“All of the talk about the Brexit vote and the uncertainty it brings to the property market has merit. But whatever the result, the drastic undersupply of homes will mean that house prices continue to rise, and home ownership moves further and further away from aspiring home owners."

Jeremy Leaf, former RICS chairman and north London estate agent, added: "Although the annual price growth is not unexpected in view of other surveys, it shows that the property market has suffered a correction as it got caught between an upsurge in activity prior to the stamp duty change and uncertainty created by the EU Referendum."