The average price of a home in the UK rose again during May, which made it the third month in a row to see prices go up compared with the same period for the previous year.
There was house price inflation of 2.2% for the 12-month period to May of this year, whereas in April that figure was 1.3%. This statistic is taken from the most recent House Price Index for the UK to be published by the Land Registry. It left the average cost of a home in the UK at £285,000 for May, which is £6000 more than the figure for that month in 2023.
The last 12 months have brought rises in average prices across every part of the country. England saw a rise of 2.2%, while for Scotland it was 2.5%. In Wales the increase was 2.4% and for Northern Ireland it was 4.0%.
Yorkshire and the Humber was the region of England that witnessed the sharpest annual inflation in prices, at 3.9% for the year up to May 2024. The region where this inflation was lowest was London, which saw an annual rise of just 0.2%.
Marc von Grundherr from Benham and Reeves said that the housing market in the UK would get a further boost when interest rates start to come down, which would likely bring higher rises in prices.
Mortgage advisors who have CeMAP training will know that more has to be done by the Government to help potential buyers as prices continue to rise.
