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Residential property transactions totalled 97,970 in April, 13.9% lower than April 2021 and 10.5% lower than March 2022, according to the latest figures from HMRC. On a seasonally adjusted basis transactions totalled 106,780 - 12.1% lower than April 2021 and 3.9% lower than March 2022.
Average UK house prices increased by 9.8% over the year to March 2022, down from 11.3% in February, according to the latest UK House Price Index from the ONS and Land Registry. The average UK house price was £278,000 in March, which is £24,000 higher than this time last year.
CPI inflation rose by 9.0% in the 12 months to April, up from 7.0% in March, according to the latest ONS data. On a monthly basis, CPI rose by 2.5% in April 2022, compared with a rise of 0.6% in April 2021. April's increase is the biggest monthly jump on record and inflation is now at a 40-year high. CPIH inflation, which includes owner occupiers' housing costs, rose by 7.8% in the 12 months to April 2022, up from 6.2% in March.
UK GDP fell by 0.1% in March 2022, after no growth in February, according to the latest figures from the ONS. Services fell by 0.2% on the month and was the main contributor to March’s fall in GDP, reflecting a large decrease (15.1%) in the wholesale and retail trade and repair of motor vehicles and motorcycles industry. Production also fell on the month by 0.2%; these falls were partially offset by construction, which grew by 1.7%.
Monetary Policy Committee, Catherine L Mann, said - during a Bank of England webinar at the end of April - "monetary policy needs to keep inflation expectations anchored; by doing so now, less tightening will be required later, when demand may still be weak".
