• Annual house prices rise 5.2%
  • Quarterly house prices rise 2.5%
  • Monthly house prices rise 0.5%
  • Average house price £237,837

House prices in the three months to May were 5.2% higher than the same period last year, according to the latest data from the Halifax.

In the latest quarter (March to May) house prices were 2.5% higher than in the preceding three months, taking the average house price to £237,837. On a monthly basis, house prices rose by 0.5% in May, following a rise of 1.1% in April.

‘Overall message is one of stability’

Russell Galley, Managing Director, Halifax, said: “We saw a slight increase in house prices between April and May, but the overall message is one of stability. Despite the ongoing political and economic uncertainty, underlying conditions in the broader economy continue to underpin the housing market, particularly the twin factors of high employment and low interest rates.”

UK home sales remaining steady.

April saw 99,420 home sales, close to the 5 year average of 101,249, according to the latest HMRC figures. Sales in February to April fell by 0.2%, against the levels in November to January. Home sales in April were flat against the previous 12 month average of 99,322.

Mortgage approvals above 5 year average

Mortgage approvals rose 5.9% in April to 66,261, just above the 5 year average monthly approval rate of 66,066. The latest Bank of England figures also shows approvals above the previous 12 month average of 65,143 by 1,118.

UK house prices data

PeriodAverage Price £Monthly Change %Quarterly Change %Annual Change %
May 2018224,909 2.0 0.2 1.9
Jun227,027 0.9 -0.6 1.8
Jul229,776 1.2 1.33.3
Aug229,284 -0.2 1.93.7
Sep226,219 -1.3 1.92.5
Oct227,694 0.7 0.21.5
Nov224,860 -1.2 -1.10.3
Dec230,430 2.5 -0.31.3
Jan 2019223,629 -3.0-0.60.8
Feb236,954 6.01.82.8
Mar233,995 -1.3 1.72.6
Apr236,619 1.2 4.25.0
May 237,837 0.52.55.2

The Halifax House Price Index is the UK’s longest running monthly house price series with data covering the whole country going back to January 1983.