UK house prices edged up 1% in May to reach a new record high as the property market continued to defy concerns of a downturn caused by the cost of living crisis.
- The average house price rose by £2,857 to £289,099($363,300), the 11th monthly consecutive increase. For the year to May, prices rose by 10.5%.
- Meanwhile, it was the fourth month running that the annual rate has eased, and combined with weaker mortgage lending, signals that the market might be losing momentum.
- Russell Galley, managing director at Halifax, stated that despite the high cost of living, the imbalance between supply and demand for properties remains the main reason driving the persistent rise in house prices.
Northern Ireland was the main hot spot, with a yearly house price inflation of 15.2%. Only Yorkshire and the Humber, Scotland, and London reported house prices to jump in single figures.
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