House prices continued to strengthen in May, according to data from the Department for Communities and Local Government (DCLG). The new figures contain little evidence of a fading market, quashing property economists’ predictions.
House prices increased by 1% in May – the fourth month in the last five to have witnessed growth of 1% or more. The result is a far cry from last May, when house prices rose by a modest 0.5%.
Scotland, the South West, South East and West Midlands led the market according to DCLG, with annual house price growth in London remaining unchanged at 7.1%. Yorkshire, Humberside and Wales were the only areas to experience a dip in prices.