'Drunk' housing market being propped up by BTL and wealthy

Property prices in England and Wales dipped by 0.3% between March and April to stand at £160,417 – 1% lower than last year, according to the Land Registry.

However, the price dip would have been steeper had it not been for an annual rise in London house prices of 5.1%. In Hammersmith and Fulham, between March and April, house prices bounced by 3%, and in Kensington and Chelsea they shot up 3.6%.

The average price of a property in the capital is now £360,721. By contrast, house prices fell in most regions, with a monthly fall of 2.7% in the West Midlands and 2.4% in Yorkshire & the Humber....EAT