UK annual house price growth down to 2.6% in May

House prices in the United Kingdom decreased by 0.2% in May compared to the previous month to reach an average price of £237,808, according to Halifax’s monthly House Price Index report published on Friday.

On an annual basis, housing prices in May rose by 2.6%. Compared to the previous quarter, house prices in the UK fell by 0.5% in the quarter to May.

Halifax’s managing director Russell Galley attributed the decline to the coronavirus lockdown, but noted the situation on the property market is expected to improve as measures are gradually lifted. “Looking ahead, we expect market activity to increase progressively as restrictions are eased further across the whole of the UK and we continue to have confidence in the underlying health of the housing market over the long-term,” he added.



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