The latest house price inflation marks an increase from the revised estimate of 1.3% for the 12 months to April 2024, according to the ONS
The average UK house price grew by 2.2% in the 12 months to May 2024, according to the latest government data.
The latest house price inflation marks an increase from the revised estimate of 1.3% for the 12 months to April 2024, as per the ONS.
In May 2024, the average UK house price sat at £285,000, nearly £6,000 higher than the previous year.
Average house prices in England rose to £302,000 (2.2%), in Wales to £216,000 (2.4%), and in Scotland to £191,000 (2.5%). In Northern Ireland, the average house price in the year to Q1 2024 rose to £178,000, marking a 4.0% increase.
Among English regions, Yorkshire and the Humber logged the highest annual house price inflation at 3.9% in the 12 months to May 2024. London had the lowest annual inflation, with prices increasing by 0.2% over the same period.
Sold prices have continued to jump in recent months despite the fact that mortgage rates are yet to come down, according to Ed Phillips, chief executive of estate and letting agency group Lomond, commenting on the latest UK House Price Index. Now that the dust has settled on both the general election and England’s Euros ambitions, both of which have acted as distractions to buyers and sellers, we expect the market will now pick up the pace as we enter what is traditionally the busiest time of year.
This market momentum is only likely to accelerate when a reduction to interest rates does materialise and this is very much a case of when, not if, he added.
For Richard Harrison, head of mortgages at Atom bank, the fact that the ONS has now reported three months of consecutive house price increases is a good indication of the growing confidence in the market.
This data predates the calling of the general election, however, which may have had a temporary effect on buyer demand and with it house price movements, he added. The general election inevitably brought some uncertainty to the market, but the fact that we had such a definitive result means that some sellers and buyers will feel more comfortable pushing on with plans.