In response to the ONS House Price Index published this morning which showed that the average UK house price increased by 1.1% in the 12 months to April to £281,000 Nick Leeming, Chairman of Jackson-Stops, comments:

“Today’s data reveals a modest Spring bounce, with house prices increasing slightly across the UK. While slight, the price growth demonstrates that the UK’s housing market remains competitive, despite higher mortgage rates and economic headwinds. Buyers appear undeterred, likely spurred by lifestyle factors, job changes, and the desire to lock in purchases ahead of potential further price appreciation down the line.

“Despite gloomy weather so far this year, vendors are still driven to get their homes on the market. At Jackson-Stops, we've witnessed this momentum firsthand with an 18% uptick in new property listings hitting the market, as vendors look to take advantage of robust buyer demand. The expanding inventory provides much-needed supply for buyers who have been hampered by limited choices over the past few years and signals a step-change in the market – vendors now need to be competitive with their listing price to standout.

“Regional hotspots for Jackson-Stops such as Chipping Campden, Midhurst and Sevenoaks saw a significant uptick in new buyer enquiries, demonstrating the demand for homes in popular commuter towns and rural hubs across England.

“It's worth noting that the general election had not yet been announced during this period, so next month's figures will reflect the impact of political change. However, early indicators from the Jackson-Stops network suggest that the election has had little impact on buyer and vendor sentiment. Life's pivotal moments continue to drive housing transactions regardless of the political climate. The "must-move" market persists, while activity at the higher end has gained momentum.”