House price inflation hits '2004 peak', says ODPM
April saw the UK housing market look stronger than ever as the annualised rate of house price inflation hit its highest level so far this year, government figures suggest.
According to the Office of the Deputy Prime Minister (ODPM), annaulised inflation across the UK rose to 10% in April from 7.8% the previous month.
Month-on-month inflation jumped to 4.5%, compared with a rise of just 2.4% over the same period in 2003.
Average property price tags in April stood at £168,600, while the average mortgage a first-time buyer would need to buy a home reached £135,505, the report says.
That said, the upward trend may soon begin to slow down.
The Bank of England's move last week to raise interest rates another 0.25% to 4.25% - the second increase in the past two months - has been seen as an attempt to cool the property market.
House price rises beyond the means of most could also trip the government after its humiliating losses in local elections.
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