Average UK House Price Rises Again But Overall Pace Slows
The housing market is showing signs of cooling, Halifax has said, as households face a squeeze on their finances.
The mortgage lender said that while house prices continued to climb in May, with prices up 10.5% in 12 months, this was the slowest rate of growth since the start of the year.
The rise meant the average price of a house hit another record of £289,099.
Halifax said that house prices have now climbed for eleven consecutive months.
According to Halifax, house prices increased by 1% month-on-month in May. It added that they had shot up by some 74% over the last 10 years.
The strongest inflation in that period has been in London (84.2%), followed by the East of England (84%) and the East Midlands (82.1%).
Inflation - the rate at which prices rise - hit 9% in April, a 40-year-high.
The Bank of England has warned inflation might reach 10% within months, as the prices of fuel and food put pressure on household budgets.