Official house price figures are finally released – but tell us little about the current market
19 August 2020
//php print ($title); ?>
The Daily Telegraph
Official house price data have been relaunched for the first time after the property market was shut down and transactions ground to a halt during lockdown.
The figures, from the Office for National Statistics and Land Registry, show that house prices fell on average 0.2pc between March and April, and rose 2.6pc in the 12 months to April, down from 3.5pc in March. Prices in the South West and North East fell at the steepest rate in the country during the month.
This shows the pre-Covid world of deals done largely in the first quarter of the year that were completed when the market was closed, and reflects a tapering off of the "Boris Bounce" that boosted prices and confidence after the December election.
The release of official figures was paused due to the shutdown of the property market, as there were not enough transactions to create accurate data. This is the first time the figures have been published since May, which showed March's house prices.