Gráinne Gilmore, of Zoopla, said: “Rising cost of living, rising mortgage rates for buyers and the more cloudy economic outlook will act as a brake on house price growth for the rest of the year “.
Nick Leeming, of Jackson-Stops real estate agents, said, “I think we’ll look back and notice the first quarter of 2022 as the pinnacle of post-pandemic-related real estate enthusiasm.”
Spring, however, was the turning point. He said: “It is now clear that April will be seen as a turning point in the market. We are already seeing many overly ambitious sellers returning to the realms of reality.”
Wales recorded the strongest annual price growth with 11.4%, while London lagged behind by 3.9%.
Nottingham recorded the highest house price growth of any of the UK’s largest cities at 10.4%. This brought average house prices to £ 190,300. Aberdeen, where property prices are closely tied to the North Sea energy industry, fell 2%.