Common UK home value drops by over £1,000 in a single month

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Your assist makes all of the distinction. Learn extra The typical value of a UK house noticed a decline of £1,150, or 0.4 per cent, between April and Could, based on Halifax.

Regardless of the month-to-month dip, property values have elevated by over £7,000 within the final 12 months, the corporate mentioned. The drop in Could follows a 0.3 per cent enhance the earlier month.

The annual charge of home value development additionally slowed to 2.5 per cent in Could, from 3.2 per cent in April.

Halifax's newest report contrasts with Nationwide Constructing Society’s index, which acknowledged that property values had elevated by 0.5 per cent between April and Could, following a 0.6 per cent fall the earlier month.

Amanda Bryden, head of mortgages at Halifax, mentioned: “Common UK home costs fell by 0.4 per cent in Could – a drop of round £1,150 – following a modest rise in April.

“Over the previous 12 months, costs have grown by 2.5 per cent, including simply over £7,000 to the worth of a typical house, which now stands at £296,648.

<img src="https://static.independent.co.uk/2025/05/13/5/34/house-building-construction-site-stock.jpeg" srcset="https://static.independent.co.uk/2025/05/13/5/34/house-building-construction-site-stock.jpeg?quality=75&width=320&crop=3%3A2%2Csmart&trim=0%2C0%2C0%2C0&auto=webp 320w, https://static.independent.co.uk/2025/05/13/5/34/house-building-construction-site-stock.jpeg?quality=75&width=640&crop=3%3A2%2Csmart&trim=0%2C0%2C0%2C0&auto=webp 640w" loading="lazy" alt="The value of the typical home is now just under £300,000 according to Halifax" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

The worth of the standard house is now slightly below £300,000 based on Halifax (Getty/iStock) “These small month-to-month actions level to a housing market that has remained largely steady, with common costs down by simply 0.2 per cent for the reason that begin of the 12 months. The market seems to have absorbed the non permanent surge in exercise over spring, which was pushed by the adjustments to stamp responsibility.

“Affordability stays a problem, with home costs nonetheless excessive relative to incomes. Nonetheless, decrease mortgage charges and regular wage development have helped assist purchaser confidence.”

In April, stamp responsibility reductions grew to become much less beneficiant for some house patrons. In line with figures printed by HM Income and Customs (HMRC), an estimated 64,680 home gross sales came about in April – 64 per cent decrease than the 177,440 transactions reported in March.

Tom Invoice, head of UK residential analysis at Knight Frank mentioned: “Demand was front-loaded this 12 months due to April’s stamp responsibility deadline, which implies home costs are coming beneath downwards strain as patrons nonetheless out there have quite a bit to select from.

Home value development throughout Northern Eire, Wales and Scotland has been outpacing areas in England, Halifax mentioned.

In London, home costs have elevated by simply 1.2 per cent year-on-year, the report mentioned.

However Halifax mentioned that London stays the most costly a part of the UK housing market, with the typical house priced at £542,017.

Mark Harris, chief govt of mortgage dealer SPF Personal Purchasers, mentioned: “The most cost effective fixed-rate mortgages have began rising once more with the trajectory of swap charges, which underpin their pricing, suggesting additional mortgage charge will increase within the short-term.

“Nonetheless, charges are solely a part of the image. The easing of standards and adjustments to mortgage stress assessments by lenders equivalent to Nationwide and NatWest, following adjustments to Financial institution of England steerage in March, means tens of 1000's of kilos of additional borrowing might now be accessible to patrons.

“It will enhance affordability, enabling extra debtors to get on the housing ladder in coming months.”

Listed below are common home costs and the share annual enhance, based on Halifax. The regional annual change figures are based mostly on the latest three months of accredited mortgage transaction information:

East Midlands, £244,754, 2.8 per centEastern England, £334,720, 1.6 per centLondon, £542,017, 1.2 per centNorth East, £175,174, 2.0 per centNorth West, £240,823, 3.7 per centNorthern Eire, £209,388, 8.6 per centScotland, £214,864, 4.8 per centSouth East, £391,253, 1.8 per centSouth West, £304,519, 1.1 per centWales, £230,405, 4.8 per centWest Midlands, £260,118, 3.0 per centYorkshire and the Humber, £213,983, 3.7 per cent [ad_2] Source link