Prices pushed up by low interest rates and dip in seller numbers
% Change in month
% Change Past Year
Ave house price
May HPI
1.3%
0.7%
£238,874
Apr HPI
1.7%
0.1%
£235,822
Key points
New sellers’ average asking prices highest for almost 3 years – last time they were higher was June 2008
New property listings fall from circa 29,000 per week to circa 20,000 per week over the extended bank holiday period
Scarcer new listings help push up asking prices of fresh-to-market property by 1.3%
Low interest rates (0.5% maintained for the 26th consecutive month) counterbalance downward price pressure – asking prices are now only £3,626 (1.5%) below their all-time high
Average unsold stock rises further from 74 to 76 properties per branch, reaching highest ever level for May as potential buyers are distracted by fine weather and bank holidays
