The annual house price increase was 12.9% higher than a year ago, according to the research-based consultancy, which is a “significant recovery”.
Peter Williams, chairman of Acadametrics, said: “It is quite clear we have been witnessing buyer competition in a market characterised by weak supply.
"This in turn reflects the great uncertainty that now hangs over the whole market.”
The number of properties changing hands fell to 50,650 in April, down 5% on March volumes.
April’s number is the second lowest figure for April since the Land Registry started reporting transaction figures in 1995. Williams says it is not that unusual to see housing transactions fall in April, and it has happened in seven of the last 15 years.
The level of sales in April is down 41% on the long term average of 85,580 properties sold in the month.
Williams said: “With mortgage supply continuing to ease modestly, with a renewed two year stamp duty holiday for homes under £250,000 and with pent up demand from around a million would-be home owners, there has been more to tempt sellers back to the market but clearly this has yet to feed through.”
London house prices reached a new peak, suggesting the largest amount of movement in the capital’s housing market is at the top end, with modest price rises experienced across the rest of the market. Transactions also fell in greater London, though the decrease over the quarter was lower than the rest of England and Wales, at 29%.
Williams said: “We are seeing London prices continuing to gather momentum and, if we exclude London from the aggregate England and Wales figure of £225,963 the average price drops back to £202,226, with London prices increasing on an annual basis faster than those in the rest of England and Wales.
“Cash buyers remain an important force in the market underlining the continuing shortage of mortgages and this may also explain why more affluent areas are showing a stronger recovery.”
He added: “Until there is clarity regarding both the make-up of the government and monetary and fiscal policy, many may chose to delay purchases or moves. In that regard our transactions data become the most important market indicator.”
