The average house price in the UK hit a record high of £289,099 ($363,486) in May, but the market is showing signs of cooling, according to the Halifax House Price Index.
Across the UK, the typical property value increased by £2,857 a month in May. An imbalance between supply and demand for properties remains the primary reason driving the climb in house prices, the report said.
“The average cost of buying a home in the UK is up 1 per cent, or £2,857, on last month, and has now risen for 11 consecutive months,” said Russell Galley, managing director of Halifax.
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