UK house prices rise in May, but signs of weakness apparent

Date: Monday 28 May 2012

House prices in the United Kingdom rose by 0.2% month-on-month (-0.6% year-on-year) in May, according to the results of the latest survey carried out by Hometrack.

However, while house prices in London rose by 0.6% on the month in the majority of the rest of the other regions they either remained flat or fell.

Similarly, the number of new buyers registering with agents continued to slow over the month; up 0.4% in May, compared to 2.1% in April and 4.4% in March

The time on the market -an indication of the health of the housing market- ranged from 5.1 weeks in London to over 10 weeks in another 6 regions, with the longest sales times seen in the North and Midlands.

Lastly, Hometrack indicates that, “increased mortgage rates and mounting concerns over the impact of the Eurozone on the UK’s economic growth and employment are likely to keep demand and prices in check as we move into summer.”

AB

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