In our latest home value survey, we’re looking at the best time to buy.
Read moreThe Economist/Sipa Research house price index was up a massive 7.6% on the year in April and 10.4% in May, as prices rose.
The median price was up 7.2% in April, with the median asking price up 13.3%.
The median sale price rose 5.6%, with the average asking price rising 2.6%.
The average sale price was 2.5% higher than the previous year.
In May, median sales prices were up 9.4%, the lowest since March 2011, while the median selling price was down 5.2%.
The year-on-year increase was driven by a 2.7% rise in new homes.
This is a sign of a stronger housing market, as a growing number of people are opting to buy, said David McAllister, chief economist at Standard Chartered.
“It’s not a recession in the way we have been expecting,” he said.
But there were some mixed signals.
The number of homes listed fell by 0.4, the biggest drop in more than a year.
There were a number of factors behind the drop, with property market pressures and the impact of the eurozone financial crisis all contributing to the slowdown.
There was a jump in the number of new homes for sale, with a 4.3% increase in sales, a 5.3%, and a 5% fall in the price of existing homes.
The survey also found that the number and proportion of people renting in England was at its lowest level in almost a decade.
A number of measures taken by local authorities this year, including a crackdown on street parking, have also reduced the number that have to go, and there was a slight dip in the rate of homeownership.
“It was very positive news for the market,” said Stephen Tindall, senior UK economist at Pantheon Macroeconomics.
“We have seen the price inflation rate go down, there was no rise in inflation, and a lot of this has been driven by the ECB easing its quantitative easing (QE) policy.”
He said that the market had been under pressure from the ECB, as the Bank of England had kept rates low for longer than normal.
“The ECB has been running a QE programme which is causing a lot more anxiety than we were expecting,” said Mr Tindalt.
“And the fact that the QE is not running has caused some people to think they are buying cheaper and cheaper properties.”
The number and share of people buying houses in England has fallen by around a quarter since June 2015, according to the latest data from the Office for National Statistics.
In February, the number fell to just 4.6 million.
The share of new home sales rose slightly, but remained below its pre-recession peak of 16.1 million.
However, the ONS said that this was driven in part by a fall in sales of older properties.
“This has been a huge fall, because the number is declining,” said John Hughes, director of research at the Institute of Fiscal Studies.
“So it’s a result of the falling share of properties sold in that period, which was very good news for people who bought their first home in March and April.”
The survey of 5,000 people, taken between May and September, found that people were increasingly willing to sell their homes and that people who have recently sold their home were more likely to buy again.
They were also more likely than those who have stayed put to buy and are planning to do so.