UK house price growth slows

UK house prices saw a steady increase by 1.9% from the start of the year to end of May, according to a lender.

The Halifax, a leading UK lender stated the change reflected “a relatively subdued” housing market.

The cost of the average house is now £224,439, the Halifax calculated from its own mortgage data.

Nationwide, another leading bank, suggested house prices were up 2.4% in the year to May, slower than the 2.6% increase for the year to April and lower than a forecast 3% rise. Prices fell by 0.2% from April, the third time this year that they have declined on a monthly basis.

The greatest increase from December 2017 to January 2018 was seen by houses in the South West increasing by 1.4% followed by London increasing by 1%.

Flats had also seen a large increase between 2013 and 2018, although detached and semi-detached were the most common purchases. Compared to all property types which increased by 39%, flats increased in sales by 48%.

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