UK house prices rise almost 5% despite political uncertainty
The average property price in the UK rose 4.7% last year adding about £3,300 to the cost of buying a typical home.
UK house *price growth has slowed but remains close to 5%, with faster growth seen outside London, according to official Office for National Statistics (ONS) data. (*Where “house price” is defined as the price agreed upon when a property is sold).
The ONS reported that UK house prices increased 4.7% in the year to May, reaching an average of £220,713. Between April and May alone, prices were up 0.5%.
In all regions house *values increased, with the East of England continuing to grow at the highest annual rate of 7.5%, this was closely followed by the East Midlands at 7.2%. (*Where “house value” is defined as the pre-sale offer price). The ONS analyses land sale property data from sources including the Land Registry.