In May, UK house prices rose for the fifth consecutive month, reaching a record average of £379,517, according to Rightmove. This increase reflects a 0.6% rise month-on-month, driven primarily by a significant uptick in property listings - the highest in a decade. However, this was the smallest increase in May since 2016, indicating a market shift towards buyers due to higher mortgage rates and recent stamp duty changes. While demand dipped in April, it showed signs of recovery in May, suggesting resilience in the housing market despite prevailing economic challenges.
The latest figures from Rightmove indicate that the UK housing market is experiencing a mixed bag of trends, with record-high average asking prices yet a cooling demand.
"This month's price increase being the lowest in May for nine years is a sign of a market that favours buyers," said expert Colleen Babcock, highlighting a competitive landscape for sellers.
Despite the rise in asking prices, buyer activity remains cautious due to several economic factors, including mortgage rates and trade uncertainties.
Knight Frank's forecast projects a 3.5% growth in house prices for 2025, underscoring continued optimism for the long-term housing market.
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