Average house price climbs to over £190,000

The average house price in the UK has risen to a record high of over £190,000, according to mortgage lender Nationwide.

houses in London
Nationwide says property prices rose 1% between March and April

The building society reports that property prices rose 1% between March and April – the largest monthly increase since June 2014.

The annual pace of house price growth also increased for the first time in seven months, edging up to 5.2% from 5.1% in March.

Nationwide says the average cost a UK house is now £193,048, up £3,554 from £189,494 in March.

The building society’s chief economist Robert Gardner says: “The pick-up in price growth has occurred even though activity in the housing market has remained fairly subdued in recent months.

“The number of mortgage approvals is 20% below the levels seen in early 2014.”

Gardner says that it is possible that heightened uncertainty ahead of the general election on 7 May is putting people off agreeing property deals, but adds: “Healthy labour market conditions and continued low mortgage rates should help underpin housing demand in the quarters ahead.