UK House Prices Stabilize with Rising Wages and Economic Confidence
New data shows minimal month-to-month changes in property values, supported by strong wage growth and steady market activity.
- Average house prices fell by 0.1% in May, with a typical UK home now costing £288,688.
- Annual house price growth reached 1.5% in May, up from 1.1% in April.
- The North-West and Northern Ireland saw the highest annual growth rates at 3.8% and 3.2% respectively.
- Market stability attributed to strong wage growth and improved economic outlook, despite unchanged interest rates.
- Labour proposes making a mortgage guarantee scheme permanent to aid first-time buyers.
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