Yorkshire House Price Increases Overtake Scotland in May
The average house price in Great Britain is £327,400, 1.6% higher than a year ago. Prices are up 0.2% over the month and 0.4% over the quarter.
The pattern remains affordability-led. Lower-priced regions are seeing the strongest growth, while higher-priced markets such as London and the South East remain under greater pressure.
Yorkshire and the Humber is now the strongest-performing region, with prices up 3.6% year on year. It has moved ahead of Scotland, which led the table last month. The North West is up 3.5%, Scotland is up 3.3%, and Wales is up 3.2%.
London remains the weakest region. It is the only region where prices are lower than a year ago. The average price in London is £588,300, down 4.0% year on year. Prices have risen slightly over the month and quarter, but not enough to offset the annual fall.
Wages have risen faster than house prices, improving price-to-earnings ratios. However, higher borrowing costs and household bills continue to weigh on home-moving decisions.