Property prices in the United Kingdom continued to increase in May, marking the eleventh straight month of increases to hit fresh record highs. XHB was down 0.70%, while EZU was down 0.20% after hours.
- Average home prices in the UK increased by 1% or £2.857 in May from the previous month and 10.5% higher than the same month last year.
- The average price climbed to £289,099, from £286,242 in April and £261,709 in the same month in 2021.
- Managing Director Russell Galley said the continued increase to the imbalance of supply and demand.
- The impact of the property inflation was linked to the type of home buyers are looking to acquire.
- Buyers would have to pay £10,000 more for a flat versus the prices in May 2021, while £50,000 more would be needed for a detached home.
- Mortgage applications have started to decline, in line with the inflationary upturn.