While the house price inflation rate remained at 8.1%, the same as in April, the average price hit £211,000.
Advertisement
The latest publication of the UK House Price Index (UK HPI) shows that the average price of a property in Scotland in May 2016 was £141,142, an increase of 4.0 per cent on the previous year and an increase of 2.8 per cent when compared to the previous month. London house prices had the highest annual growth; prices increased by 13.6 per cent in the year to May 2016.
Average house prices in the United Kingdom increased by 8.1 per cent in the year to May 2016 – unchanged from the year to April.
Before it’s here, it’s on the Bloomberg Terminal.
United Kingdom house prices rose 1.1% in May compared to a month ago, even in the uncertainty leading up to Britain’s European Union referendum on 23 June. The region with lowest average price was the North East at £124,466.
House prices rose by 1.1% in May, offsetting the previous month’s fall following the stamp duty changes.
London was once again the region with the highest average house price at £472,163, followed by the South East at £306,037.
Alex Gosling, chief executive of online estate agents HouseSimple, believes that in the current climate, what happened to the property market in May is largely irrelevant. In less than a month, the property market has switched from a seller’s to a buyer’s market, ‘ he added.
Bonny Hedderly, managing director at Deposit Doctor, said: “After a hectic first quarter, May saw the market returning to business as usual, with a strong buyer appetite seemingly unhindered by the upcoming referendum”.
Advertisement
“If the May rise imparts anything of note, it’s how the underlying imbalance between supply and demand has the potential to prevent prices from falling materially”. The average house price in the United Kingdom was £211,000, and for first-time buyers it was £179,000.
