Annual UK house price growth slowed to 2.7% in May, with the average property now valued at £271,000, according to the latest figures from the Office for National Statistics (ONS).
The annual rate eased from 3.9% in April, with the ONS attributing the slowdown to a base effect following changes to Stamp Duty Land Tax (SDLT) in England and Northern Ireland in April last year.
Average house prices increased by 0.3% between April and May 2026, compared with a 1.5% rise over the same period in 2025, resulting in the weaker annual growth.
In England, the average property price reached £292,000, up 2.3% (£6,000) year-on-year, down from annual growth of 4% recorded in April.
Wales and Scotland both recorded stronger annual growth than England. Average house prices in Wales rose 4.2% over the year to £215,000, while prices in Scotland increased 4.4% to £196,000.
Northern Ireland continued to record the strongest growth of the UK nations, with average prices reaching £198,000 in the first quarter of 2026, up 7.4% on the same period a year earlier.
Across England, the North East remained the fastest-growing region, although annual price inflation slowed to 5.9% from 9.7% in April.
London was the weakest-performing region, with average house prices falling by 3.7% over the year to May, marking the ninth consecutive month of annual declines. The capital’s downturn was driven largely by inner London, where prices dropped 5.9%, with sizeable falls recorded in Westminster and Tower Hamlets.
