Average house prices in the UK rose 1.9 percent year-on-year in May.
According to data from the British Office of National Statistics (ONS), house prices decreased by 3.2 percent in May compared to the previous month’s increase, and increased by 1.9 percent on an annual basis.
Average house prices in the country were 286 thousand pounds in May. This amount is £7,000 lower than in September 2022, when house prices peaked, but £6,000 higher than in May last year.
Housing prices were £304 thousand in England, £213,000 in Wales, £193k in Scotland and £172k in Northern Ireland on an annual basis in May. The highest increase in housing prices in a year was seen in Northern Ireland with 5 percent.
Rents increased by 5.1 percent
Housing rents in the UK rose 5.1 percent year-on-year in June, according to ONS data.
The highest increase in residential rents was seen in Wales with 5.8 per cent, while rents rose 5.1 per cent in England and 5.5 per cent in Scotland.
Average rental rates in London rose 5.3 percent year-on-year in June, the fastest increase since September 2022.