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Average house price hits another record, while housing market shows signs of cooling

House prices continued to climb in May, with prices up 10.5% in 12 months

Originally posted: 14th June, 2022

The average price of a house hit another record of £289,099

House prices continued to climb in May, with prices up 10.5% in 12 months, and this rise meant the average price of a house hit another record of £289,099, but the housing market is showing signs of cooling, reports Halifax.

The mortgage lender said that although houses prices continued to increase in May it was the slowest rate of growth since the start of the year.

House prices have risen for 11 consecutive months

Halifax said that houses prices have now increased for 11 consecutive months.

Russell Galley, Managing Director at Halifax, said: "Despite the very real cost of living pressures some people are experiencing, the imbalance between supply and demand for properties remains the primary reason driving the continued climb in house prices.”

"However, the housing market has begun to show signs of cooling. Mortgage activity has started to come down and, coupled with the inflationary pressures currently exerted on household budgets, it's likely activity will start to slow,” he added.

"So, there is perhaps one green shoot for prospective purchasers; with overall buying demand down compared to last year, we may be past the peak sellers' market."

According to Halifax, house prices were up by 1% month-on-month in May. It said that they had shot up by 74% over the last 10 years.

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