Financial News: UK House Price Inflation Accelerates In May

UK House Price Inflation Accelerates In May

07/17/2024 - 08:47:00 (RTTNews)

(RTTNews) - UK house prices grew at a faster pace in May, while private rents posted a slower annual growth, the Office for National Statistics reported Wednesday.

Average house prices grew 2.2 percent on a yearly basis, after rising by a revised 1.3 percent in April.

This was the third consecutive increase in prices following eight months of annual falls.

Further, data showed that private rents grew 8.6 percent from a year ago, which was slower than the 8.7 percent rise in May.

Earlier, average rents had posted a record high annual growth of 9.2 percent in March 2024.

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