(Alliance News) - UK average house prices increased over the year to May, the Office for National Statistics reported on Wednesday.
The latest data by HM Land Registry showed that average house prices in the UK rose by 10% to GBP254,000 in the year to May, up from 9.6% in the year to April. UK average house prices nearly returning to the record seen in March of GBP256,000.
ONS said it is likely that the tax break on property purchases - which was originally due to conclude at the end of March - inflated March's average house prices as buyers rushed to ensure their house purchases were scheduled to complete ahead of this deadline.
On a seasonally adjusted basis, average house prices in the UK increased by 0.5% between April and May, following a decrease of 1.5% in the previous month.
The North West was the region with the highest annual house price growth, with average prices increasing by 15% in the year to May. In contrast, the lowest annual growth was in London, where average prices increased by 5.2% over the year to May.
London's average house prices remain the most expensive of any region in the UK at an average of GBP498,000 in May. The North East continued to have the lowest average house price, at GBP143,000.
The monthly property transactions statistics published by HM Revenue & Customs show that the seasonally adjusted number of transactions in May were 114,940, falling back from 119,540 in April and 183,670 in March.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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