Halifax has today released its latest UK property house price index for May 2018. The average house price in the UK in May 2018 has fallen to £224,439 from over £220,962 in April.
Halifax found that house prices in May 2018 were 1.9% higher than in May 2018. This was a marginal increase after last month's falls.
Over the last 3 months, house prices were only up 0.2%, taking into account the fall in April, but seasonal interest and a lack of property availability saw prices increase by 1.5% in May alone, making up for a negative 3.1% in April.
Comparing Halifax’s February to April figures, house prices were actually down again 0.1% with a much higher fall in just the month of April alone of 3.1%
It is status quo maintained over the last year as house prices remain relatively flat given uncertainty on Brexit, the economy and long awaited wage growth.
Housing supply is low as people sit tight and wait for economic uncertainty to pass. Unemployment is still falling with an additional 220,000 people back in work over the last 3 months, so wage growth is now rising and with Spring/Summer here, property activity is marginally up and so confidence returns.