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2w ago

UK House Price Growth Accelerates to 3.9% in May as Consumer Prices Rise to 3.6%

House price inflation reached 3.9% driven by sharp gains in the North East, with consumer prices at 3.6%, rental growth cooling to 6.7%.

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A view of the Canary Wharf financial district and residential houses in London, Britain, January 23, 2025. REUTERS/Hannah McKay/File Photo
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Overview

  • Provisional ONS figures show average UK house price reached £269,000 in May with annual growth rising from 3.6% in April to 3.9%.
  • Price gains in the North East and Northern Ireland outpaced modest 2% increases in London and the South East.
  • The Consumer Prices Index rose to 3.6% in June, its highest level since January 2024, clouding the outlook for Bank of England rate cuts.
  • Annual rental price growth eased to 6.7% in June, with the average private rent at £1,344 per month compared with a 7.0% rise in May.
  • Strong appetite among homebuyers has persisted despite the end of first-time buyer stamp duty relief in March, highlighting market resilience.