The figures hereafter represent monthly house price inflation in the UK for May 2017 and are presented by the Office for National Statistics, using data from Land Registry, Registers of Scotland and Land and Property Services Northern Ireland.
Although the increase in average house prices in the UK has dropped from 5.3% in the year to April 2017, they have still increased by 4.7% in the year to May 2017. Although annual growth has slowed since mid-2016, it has remained at roughly 5% during 2017.
The average UK house price is £221,000 or £10,000 higher than May 2016 and £1,000 higher than April 2017.
- England was the main contributor to the increase where house prices climbed by 5.0% over the year to May 2017, with the average price in England now £238,000.
- Wales witnessed an increase of 3.8% to stand at £150,000.
- In Scotland, the average price increased by 3.5% to £143,000.
- The average price in Northern Ireland is £124,000, an increase of 4.3% over the year to Quarter 1 (Jan to Mar) 2017.
The highest average house price is still to be found in London - £481,000, followed by the South East (£316,000) and the East of England (£284,000) while the average price is still lowest in the North East (£127,000).
The East of England demonstrated the highest annual growth in house prices (7.5%) followed by the East Midlands at 7.2% while the lowest annual growth was in the North East (1.6%) and London (3.0%).
The UK’s most expensive borough to live in was Kensington and Chelsea with an average house price of £1.5 million compared to just £78,000 in the cheapest borough, Burnley.