Confidence in the UK housing market is on the upswing despite the ambiguities surrounding the tight election race, according to global property consultancy Knight Frank.

Home-owners across the UK were more upbeat about property prices this month despite election jitters, according to Knight Frank / Markit’s latest House Price Sentiment Index.

A fifth of the 1,500 households surveyed across the UK said the value of their home had risen over the past month. With an index score of 58.2, April became the 25th consecutive month to deliver a reading above 50. 

Confidence was particularly pronounced in London, which boasted the largest rate of perceived house price growth over the course of April, with a reading of 64.2.

Expectations for future price growth were also promising, offering a bright outlook in spite of the uncertainties shrouding next month's UK general election. 

The number of households predicting a rise in the value of their property over the next year was up marginally from March, giving April the highest reading so far this year at 70.2 – still below its peak of 75.1 achieved in May last year.

“The outcome of the election may be uncertain, but there are some key factors underpinning house prices at present,” said Knight Frank's head of UK residential research, Grainne Gilmore.

“Confidence in the economy continues to grow while the cost of living has stopped rising. Mortgage rates have dipped to a new low, making owning a home – for those who can clinch a mortgage deal – cheaper than at any time before. The cost of buying a home for the majority of purchasers has also fallen after the reform of stamp duty in December last year.” 

Gilmore also highlighted the upward price pressure arising from the limited supply of homes for sale in recent months.

According to the survey, those living in the east of England were the most confident about price growth over the next 12 months and households in the south east were close behind.

“Meanwhile, the gap between UK-wide house price growth expectations and those in the capital fell to its joint-lowest since the start of 2011,” Markit's senior economist Tim Moore added.