
Average house prices here are the lowest of the English regions at £159,000. The North East saw the highest annual percentage change of all English regions at 4.0% higher. There was a 1.7% annual increase in England (average house price now at £304,000), with Wales recording by 1.8% (average house price now at £213,000) and Scotland 3.2% (average house price now at £193,000). Prices rose year on year in all UK nations, with Northern Ireland showing strongest growth at 5% (average house price now at £172,000). Higher mortgage rates are continuing to have a dampening effect on the housing market and property prices as has been shown in the house price data from a range of other organisations in recent months (see stories below). The average UK house price stands at £286,000, which is £6,000 higher than a year ago, but £7,000 below the peak in prices seen in September 2022. The annual rate in May was 1.9%, down from 3.5% in April. House price growth slumped in May, according to figures from the Office for National Statistics – the seventh consecutive monthly fall, writes Jo Thornhill.
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