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The Office for National Statistics has released its latest report ending May 2018 for monthly house price inflation in the UK, calculated using data from HM Land Registry, Registers of Scotland and Land and Property Services Northern Ireland.
Click Here to see the full report.
Average house prices in the UK have increased by 3.0% in the year to May 2018 (down from 3.5% in April 2018). This is its lowest annual rate since August 2013 when it was also 3.0%. The annual growth rate has slowed since mid-2016 and has remained under 5%, with the exception of October 2017, throughout 2017 and into 2018.
This drop in UK house price growth is driven mainly by a slowdown in the south and east of England. The lowest annual growth was in London, where prices decreased by 0.4% over the year. This is the fourth consecutive month that London house prices have fallen over the year.
The average UK house price was £226,000 in May 2018. This is £6,000 higher than in May 2017 and unchanged from last month.
The main contribution to the increase in UK house prices came from England, where house prices increased by 2.9% over the year to May 2018, with the average price in England now £244,000. Wales saw house prices increase by 1.0% over the last 12 months to stand at £149,000. In Scotland, the average price increased by 4.9% over the year to stand at £149,000. The average price in Northern Ireland currently stands at £130,000, an increase of 4.2% over the year to Quarter 1 (Jan to Mar) 2018.
On a regional basis, London continued to be the region with the highest average house price at £479,000, followed by the South East and the East of England, which stood at £322,000 and £289,000 respectively. The lowest average price continued to be in the North East at £129,000.
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