Upcoming election yet to affect the market as house prices remain stable

Theresa May's decision to call a snap election in June has so far had 'little effect' on the property market, according to estate agents Your Move and Reeds Rains.

The firms report that house prices remained 'subdued' in April, rising by just 0.1% for the second consecutive month.

The figures place the average house price in April at £301,606 after growth of 0.5% over the previous three months.

Annual house price growth increased slightly to 3.5% last month, while estimated transactions were down on March but consistent with the levels recorded in previous years.

The report names the West Midlands as the UK's fastest growing region. Average prices in the area increased by 0.5% between March and April, pushing annual growth up to 6.2%.

The agencies describe the market in the capital as 'subdued' after prices dipped by 0.1% last month.

On an annual basis, London is the second worst performing region with average house price growth of 1.4%.

“Real transformation is needed to address the housing supply shortage," says Oliver Blake, managing director of Your Move and Reeds Rains. 

"Recent reports from House of Commons committees have made a strong case for the government to do more."

"As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home.”

Last week, home.co.uk reported that asking prices in London have dropped, while other regional markets continue to perform strongly.