The average UK house price hit a record high of £289,099 in May, but the pace of growth in values is slowing, according to an index. People will need around £10,000 more to buy a flat and an extra £50,000 for a detached home, the figures show.
Russell Galley, managing director of Halifax, said: “The average cost of buying a home in the UK is up 1%, or £2,857, on last month, and has now risen for 11 consecutive months. Annual growth also remains in double-digits, at 10.5%, although this is the slowest rate of growth seen since the start of the year.”
He added: “For house hunters, the extent of the impact of property price inflation continues to be linked to the type of home they are looking to buy. Compared to May last year, you’d need around £10,000 more to buy a flat, but an additional £50,000 for a detached home.
