UK house prices hit a new record high in May as a lack of available properties coming onto the market continued to drive up the cost of homes, latest research by Rightmove finds.
The average price of property rose to £367,501 this month - an increase of 2.1% (+£7,400). It is the highest rise seen at this time of year since May 2014. The increase marks a national jump of £55,551 in asking prices in the two years since the housing market shut due to the pandemic.
Rightmove said the "frenzied" market activity had led to a two-year price growth in cash terms never before witnessed in more than 20 years of tracking prices.
