House prices hit record high in May but market shows signs of cooling

An imbalance between supply and demand is the primary reason behind the climb

In May the average house price hit a record high of £289,099.Halifax said that across the UK the typical property value increased by £2,857 month on month in May, with an imbalance between supply and demand for properties remaining the primary reason behind the climb.

“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. Northern Ireland had the strongest annual house price inflation in May, seeing prices rise by 15.2%. The south west of England also recorded a strong rate of annual growth at 14.5%.

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