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Financial News: UK House Price Growth At 11-Month High

UK House Price Growth At 11-Month High

07/20/2022 - 07:45:00 (RTTNews)

(RTTNews) - UK house prices grew at the fastest pace in nearly a year in May, the Office for National Statistics said Wednesday. House prices grew 12.8 percent on a yearly basis in May after rising 11.9 percent in April. This was highest rate since June 2021.

The ONS said it is worth noting that the annual increase may be somewhat attributable to the slow growth experienced in early 2021, as well as the strength seen across recent months.

The average house price was GBP 283,000 in May, which was GBP 32,000 higher than in May 2021.

The South West was the region with the highest annual house price growth, with average prices increasing by 16.9 percent. Meanwhile, London remained the region with the lowest annual house price growth.

Despite being the region with the lowest annual growth, London's average house prices remained the most expensive of any region in the UK, with an average price of GBP 526,000 in May.

On a monthly basis, overall house prices increased by an adjusted 0.9 percent compared with an increase of 0.4 percent in the previous month.

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