London House Prices See Modest Growth in May

Average prices in London rose by 0.2% year-on-year, with varied performance across boroughs and potential impacts from mortgage rate changes.

London's house prices increased by 0.2% in May, the first annual rise in a year.
UK house prices overall grew by 2.2%, with London showing the lowest regional growth.
Outer London boroughs like Merton and Hounslow saw significant price increases, while central areas like Westminster experienced declines.
The average house price in London is now £523,000, with high borrowing costs impacting market activity.
Stabilized inflation and potential Bank of England rate cuts could further influence the housing market.