House prices hit new highs in May despite slower growth
- Average house prices in England and Wales at new high of £277,178 – fourth price record set this year
- Monthly property price growth picks up to 0.4% – but still only a third of what it was a year ago
- London knocked into fourth place in regional rankings of growth, and price rises accelerating in North
- Home values in Kensington & Chelsea now 16% below autumn 2014 peak, as higher stamp duty bites
- Home sales in May down 14% year-on-year, as lack of supply suppresses housing market activity
Adrian Gill, director of Your Move estate agent, comments: “The melody of growth has slowed, with monthly house price rises now just a third of what they were a year ago. Property values received a 0.4% boost in May 2015, compared to 1.2% at the same point twelve months ago. But the property market is still hitting the high notes – with the average home in England and Wales currently worth £277,178. This is the fourth new record for property values this year as the recovery strives on, and monthly price rises are strengthening. In April we made another breakthrough, with property values across more than half of the unitary authorities/county areas of England and Wales now past their pre recession peaks.