House prices defied expectations to rise for the 11th month in a row in May, according to Halifax, although the pace of growth is slowing.
The lender’s latest house price index said “we may be past the peak sellers’ market”, despite prices rising by a further 1% in May. The average house price now stands at a record £289,099.
Compared with a year earlier, prices have risen by 10.5% – although May marked the third month in a row that the annual pace of house price increases in Britain has slowed.
Halifax managing director Russell Galley said: “Despite the very real cost of living pressures some are experiencing, the imbalance between supply and demand for properties remains the primary reason behind the continued climb in house prices.”
