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Growth in UK house prices slowed in May, according to official data on Wednesday.
The Office for National Statistics said that UK house prices grew 1.9% year-on-year in May, slowing from a downwardly revised reading of 3.2% in April. April’s figure was first estimated at 3.5%.
June’s rise was also below FXStreet-cited market consensus of 3.3%.
On a seasonally-adjusted basis, house prices fell 0.4% in May from the month before, having seen a monthly increase of 0.5% in April.
The data comes from HM Land Registry records.
The average UK house price is provisionally estimated at £286,000 in May, which is £6,000 higher than a year before. It is £7,000 below the recent peak in prices back in September 2022.
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