The average UK house price has jumped by £32,000 in the space of a year, adding to concerns about affordability as households grapple with the cost-of-living crisis. Property values increased by 12.8% annually in May, accelerating from a 11.9% increase in April.
This pushed the typical house price to £283,000 in May, which was £32,000 higher than a year earlier, the Office for National Statistics (ONS) said. Property values in England, Wales and Scotland all hit new record levels in May.
Average house prices increased over the year in England to £302,000 (a 13.1% annual increase), in Wales to £212,000 (14.4%), in Scotland to £188,000 (11.2%) and in Northern Ireland to £165,000 (10.4%). Within England, the South West was the region with the highest annual house price growth, with average prices increasing by 16.9% in the year to May.
