The latest government index shows that the average monthly rate of house price growth in May rebounded to 1.1% following the -2.7% decline seen in between March andย April.
The average annual rate of house price growth in May was up 3.9%, as a result, the average UK house price is now ยฃ269,000.
Director ofย Benham and Reeves, Marc von Grundherr, said,ย โThe latest sold price data show that the monthly rate of house price growth bounced back in May, following a brief period of decline in the wake of the recent stamp duty deadline.
This demonstrates that the appetite of the nationโs homebuyers is yet to diminish and they remain motivated to push on with their plans to purchase despite the higher cost of stamp duty when doing so.
At the same time, the market continues to demonstrate stability and resilience on an annual basis, with house prices remaining higher than they were this time last year, despite the strengthening economic headwinds that weโve had to contend with.โ
CEO ofย Yopa, Verona Frankish, said, โThe latest house price figures for May demonstrate a market that is very much on the front foot and ready to build on the momentum gained in recent months, particularly now that the distraction of another stamp duty deadline is behind us.
This underlying resilience provides a solid platform for future growth, which will only be strengthened by the announcement this week of the Governmentโs mortgage market reforms.
By easing mortgage lending criteria, these changes will broaden access to finance, helping to attract more buyers into the market and support continued house price growth over the remainder of the year and beyond.โ
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