The average UK house price hit a fresh high in May, rising for the 11th month in a row, according to Halifax data, but the annual growth rate slowed in a sign that the\u00a0cost of living crisis\u00a0is cooling the market.
\nHouse prices increased by 1% between April and May, or \u00a32,857, taking the average price of a home to a record of \u00a3289,099.
\nWhile annual house price growth remains at the elevated level of 10.5%, this is the slowest rate of growth seen since the start of the year.<\/p>\n
House price inflation has been felt more strongly in certain regions of the UK, with property prices soaring during the pandemic-fuelled housing boom as buyers joined the\u00a0\u201crace for space\u201d. Urban residents sought out larger and more rural properties as flexible and remote working took hold.<\/p>\n
Northern Ireland topped the table for annual house price inflation once again in May, after prices there rose by 15.2% over the past 12 months, taking average prices above \u00a3185,000. This was followed by the south-west of England, which recorded an annual growth rate of 14.5%, taking the average price of a home in the region above \u00a3305,000. Meanwhile, average house prices in Wales have risen to a record level above \u00a3216,000 after a 13.7% increase over the past year.<\/p>\n
The latest price rises come after a decade of steady climbs in which house prices have increased by 74%, or by \u00a3123,016.<\/p>\n
The strongest house price inflation has been in London, and house hunters in the capital will need \u00a3247,638 more than those who were looking for a property 10 years ago.<\/p>\n","protected":false},"excerpt":{"rendered":"
The average UK house price hit a fresh high in May, rising for the 11th month in a row, according to Halifax data, but the annual growth rate slowed in a sign that the\u00a0cost of living crisis\u00a0is cooling the market. House prices increased by 1% between April and May, or \u00a32,857, taking the average price […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4249","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-16x","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=4249"}],"version-history":[{"count":1,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4249\/revisions"}],"predecessor-version":[{"id":4250,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4249\/revisions\/4250"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=4249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=4249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=4249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}