UK house price data for May has just been released by Halifax revealing a fall in the average value of a property in the UK.
House prices fell by an average of 0.4% in May compared with a rise of 0.3% in April The average property price now £296,648 compared to £297,798 last month.
The annual rate of growth has slowed to 2.5% from 3.2% in April. Overall house prices have remained stable so far this year.
Northern Ireland continues to lead annual price growth in the UK.
Amanda Bryden, head of mortgages, Halifax, said: “Average UK house prices fell by -0.4% in May – a drop of around £1,150 – following a modest rise in April. Over the past 12 months, prices have grown by +2.5%, adding just over £7,000 to the value of a typical home, which now stands at £296,648.
“These small monthly movements point to a housing market that has remained largely stable, with average prices down by just -0.2% since the start of the year. The market appears to have absorbed the temporary surge in activity over spring, which was driven by the changes to stamp duty.
“Affordability remains a challenge, with house prices still high relative to incomes. However, lower mortgage rates and steady wage growth have helped support buyer confidence.
“The outlook will depend on the pace of cuts to interest rates, as well as the strength of future income growth and broader inflation trends. Despite ongoing pressure on household finances and a still-uncertain economic backdrop, the housing market has shown resilience – a story we expect to continue in the months ahead.”
This article is currently being updated
Read the orginal article: https://propertyindustryeye.com/property-industry-reacts-to-new-uk-house-price-figures/
