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Financial News: UK House Price Growth Slows Further

UK House Price Growth Slows Further

06/08/2022 - 09:35:00 (RTTNews)

(RTTNews) - UK house prices continued to show an increasing trend in May, though the pace of growth slowed for a second straight month, survey data from the Lloyds Bank subsidiary Halifax showed on Wednesday.

House prices climbed 1.0 percent month-on-month in May, slower than the 1.2 percent rise in April.

That was in line with economists' forecast. Prices have been increasing since July 2021.

The average property price reached another new record high of GBP 289,099.

On a yearly basis, house price growth eased slightly to 10.5 percent in May from 10.8 percent in April. This was the slowest rate of growth since the start of this year.

"Despite the very real cost of living pressures some people are experiencing, the imbalance between supply and demand for properties remains the primary reason driving the continued climb in house prices," Russell Galley, Halifax managing director, said.

Among regions, Northern Ireland logged the strongest annual house price inflation, by rising 15.5 percent, equaling an average of GBP 185,386.

The South West of England also registered a strong growth of 14.5 percent and there was a 13.7 percent price rise in Wales.

In Scotland, prices were 8.3 percent higher compared to last year, which was below the UK average, and a new home in the country now stands at an average GBP198,288

"However, the housing market has begun to show signs of cooling," Galley said.

"Mortgage activity has started to come down and, coupled with the inflationary pressures currently exerted on household budgets, it's likely activity will start to slow."

Galley reckoned that the peak sellers' market may be past with overall buying demand down compared to last year, thus offering a green shoot for prospective purchasers.

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