UK house prices soar as market remains buoyant heading into the summer - Halifax

According to the report from Halifax Bank of Scotland, UK house prices in May were 1.3% higher than in April, when they rose by 1.5%. 

In annual terms, housing prices rose by.9.5%, their biggest annual increase in more than seven years. Аverage UK property price was £261,743, and reached a new record high.

Russell Galley, Managing Director, Halifax, said: “House prices reached another record high in May, with the average property adding more than £3,000 (+1.3%) to its value in the last month alone. A year on from the first easing of national lockdown restrictions, and the gradual reopening of the housing market, annual growth surged to 9.5%, meaning the average UK home has increased in value by more than £22,000 over the past 12 months. Heading into the traditionally busy summer period, market activity continues to be boosted by the government’s stamp duty holiday, with prospective buyers racing to complete purchases in time to benefit from the maximum tax break ahead of June’s deadline, after which there will be a phased return to full rates. For some homebuyers, lockdown restrictions have also resulted in an unexpected build-up of savings, which can now be deployed to fund bigger deposits for bigger properties, potentially pushing property prices even higher".