Average UK house price drops by over £1,000 in a single month
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How much the average house price has changed in your region
- Halifax reports a 0.4 per cent drop (£1,150) in average UK house prices between April and May, but property values have increased by over £7,000 in the last year.
- The annual rate of house price growth slowed to 2.5 per cent in May, down from 3.2 per cent in April, contrasting with Nationwide's report of a 0.5 per cent increase in property values.
- Halifax indicates the housing market is largely stable, with average prices down only 0.2 per cent since the start of the year, absorbing the spring stamp duty surge.
- Tom Bill from Knight Frank notes that demand was front-loaded due to April’s stamp duty deadline, leading to downward pressure on house prices.
- Halifax states the average house prices around the country include East Midlands (£244,754), Eastern England (£334,720), London (£542,017), North East (£175,174), North West (£240,823), South East (£391,253), South West (£304,519), West Midlands (£260,118), Yorkshire and the Humber (£213,983).