House prices in the United Kingdom increased by 1.5% in May compared to the same month in 2023, according to Halifax's monthly House Price Index report published on Friday. The annual price growth was up from an annual growth of 1.1% recorded a month earlier.
On a monthly basis, housing prices in May went down by 0.1%, reaching an average price of £288,688. Compared to the previous trimester, house prices in Britain fell by 0.3%.
"Market activity remained resilient throughout the spring months, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook. This has been reflected in a broadly stable picture in terms of property price movements, with the average cost of a property little changed over the last three months," Halifax's Head of Mortgages Amanda Bryden noted.
