In response to the ONS Private Rents and House Prices data published today which showed that UK house prices increased by 3.5% to £265,000, in the 12 months to April 2025, Nick Leeming, Chairman of Jackson-Stops, comments:

“April’s price growth reflects sustained buyer confidence, partly as a natural consequence of the surge in activity ahead of March’s Stamp Duty deadline. However, stubborn inflation is likely to prevent mortgage rates from falling as quickly as hoped. Buyers are hesitant amid mounting household financial pressures and wider economic uncertainty. On top of that, asking prices will need to reflect the current reality where supply is beginning to outweigh demand. That said, demand is expected to improve later this year as more interest rate cuts move onto the Bank of England’s radar.

“Across the Jackson-Stops network we’re seeing a strong commitment from sellers, with a significant increase in new listings in April compared to two years ago. Regionally, markets are marching to the beat of their own drum. In lifestyle-led hotspots such as Bury St. Edmunds, Cornwall, Exeter, Newmarket and Sevenoaks, May saw strong levels of both completions and new instructions.

“With the Government’s Spending Review putting housing front and centre, there’s hope that the supply shortfall will finally be addressed. But the real question is how long it will take for policy promises to translate into bricks and mortar. Until then, house prices are likely to head in one direction.”