海角视频 house prices hit a new record high in May, but the property market may be starting to cool, new data from Halifax shows.
Across the country, the typical property value increased by 拢2,857 month on month in May - to 拢289,099. An imbalance between supply and demand for housing remains the primary reason behind the climb, the report added.
Northern Ireland had the strongest annual house price inflation in May, seeing prices rise by 15.2% to 拢185,386, followed by South West England where prices jumped 14.5% to 拢305,173. In Wales, house prices jumped by 13.7% annually, pushing the average house price there to a record 拢216,120.
Only Yorkshire and the Humber, Scotland and London recorded annual house price inflation below 10% in May. In Scotland, house price growth continued to 鈥渦nderperform鈥 relative to the 海角视频 average, according to Halifax, with annual inflation at 8.3%.
Russell Galley, Halifax managing director, said: "Compared to May last year, you鈥檇 need around 拢10,000 more to buy a flat, but an additional 拢50,000 for a detached home. This clearly creates a knock-on effect for those looking to make their first home move, as the rungs on the housing ladder have become increasingly wider.
鈥淗owever, the housing market has begun to show signs of cooling. Mortgage activity has started to come down and, coupled with the inflationary pressures currently exerted on household budgets, it鈥檚 likely activity will start to slow.
鈥淪o, there is perhaps one green shoot for prospective purchasers 鈥 with overall buying demand down compared to last year, we may be past the peak sellers鈥 market.鈥
A decade ago, annual house price growth in London was the strongest in the 海角视频, with annual house price inflation of 4%. Southern England was at that time leading a recovery in property prices following the tough economy of 2008 and 2009.
Over the past 10 years, the cost of a home generally has risen by 74%, or 拢123,016, Halifax said. The strongest inflation over that period has been in London (84.2%), followed by the east of England (84.0%) and the East Midlands (82.1%).
Nicky Stevenson, managing director at estate agent group Fine & Country, said: 鈥淚n this uncertain economic climate, there is a sense that the housing market is at a crossroads, with future gains unlikely to match the huge spikes recorded over the last 12 months.
鈥淲hile there remains a strong appetite among existing homeowners to trade up, the supply crunch which has driven record growth in the recent past is slowly starting to ease. As the imbalance between supply and demand continues to narrow, annual gains are expected to soften further in the months ahead.鈥
Average house prices in May and annual increase, according to Halifax
鈥 East Midlands, 拢239,859, 12.3%
鈥 Eastern England, 拢337,216, 11.6%
鈥 London, 拢541,942, 6.3%
鈥 North East, 拢166,449, 10.6%
鈥 North West, 拢219,849, 10.6%
鈥 Northern Ireland, 拢185,386, 15.2%
鈥 Scotland, 拢198,288, 8.3%
鈥 South East, 拢391,845, 11.4%
鈥 South West, 拢305,173, 14.5%
鈥 Wales, 拢216,120, 13.7%
鈥 West Midlands, 拢244,071, 10.6%
鈥 Yorkshire and Humber, 拢200,469, 9.5%
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