Economic Buzz: UK House Prices Grow 12.8% On Year In May

20 Jul 2022 , 05:24 PM

UK house prices grew at the fastest pace in nearly a year in May, the Office for National Statistics said Wednesday. House prices grew 12.8 percent on a yearly basis in May after rising 11.9 percent in April. This was highest rate since June 2021. The ONS said it is worth noting that the annual increase may be somewhat attributable to the slow growth experienced in early 2021, as well as the strength seen across recent months. The average house price was GBP 283,000 in May, which was GBP 32,000 higher than in May 2021. Powered by Commodity Insights