UK landlords saw annual house prices rise at their fastest rate for 3 years in April, according to building society Nationwide.

The Nationwide Index revealed that house price inflation hit 10.5% during the 12 months to the end of April. The rate was boosted by a 1% jump in house prices during April itself, taking prices up by more than £3,000. The average house now costs £167,802.

Nationwide said that the latest figures have been helped by particularly poor conditions for the same period in 2009, which were down 15% at that time.

The findings follow other reports showing an overall increase in the numbers of people looking to sell their home. Despite the positive results, Nationwide has warned that it unlikely the housing market will be able to maintain the rate of increase.

Martin Gahbauer, Chief Economist at Nationwide, commented:

“Given the very strong performance of house prices from May 2009 onwards, it will take monthly increases in excess of 1% for the annual rate of inflation to be maintained in double digits going forward.”

Tim Hammond, chief executive, of property search group The Buying Agents, said that he hopes “once the General Election is behind us, a semblance of certainty and normality will return to the market”.
 

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