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Halifax House Price Index May 2022

  • UK house prices rose 10.5% YoY in May according to mortgage lender Halifax.
  • Average UK house price reaches a new record high of £289,099 
  • Average house price have risen 74% in the last 10 years

House price growth past its peak

Source: Halifax, IHS Markit

Key trends

  • The average cost of buying a home in the UK rose 1.0%, or £2,857, month-on-month, and has now risen for eleven consecutive months. 
  • Annual growth remains in double-digits, at 10.5%, although this is the slowest rate of growth seen since the start of the year. 
  • The imbalance between supply and demand for properties remains the primary reason driving the continued climb in house prices. 
  • 9 out of 12 UK regions registered double-digit annual inflation, with only Yorkshire and the Humber, Scotland and London in single figures.
  • The extent of price inflation varies by property type. The average price of detached property is up £50,000 on the previous year, compared to around £10,000 for flats. This has a knock-on effect for those looking to join or move up the housing ladder, as the rungs on the ladder have become increasingly wider.


  • There are early signs that the cost-of-living crisis and successive interest rate rises are having an impact on the housing market, with the current cycle of price growth likely to now be past its peak. 
  • Prices are still rising but not as rapidly as they were just a few months ago. Mortgage approvals have started to ease and, although prices are improving, coupled with the inflationary pressures currently exerted on household budgets, it's likely housing market activity will slow over the second half of 2022.
  • However, a major market correction appears unlikely given that housing stock remains low, particularly for in-demand properties such as family homes with gardens.

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