Average house prices rose by just 0.1% in May, according to new figures from property website Zoopla, the lowest monthly increase since December 2019. Prices in the year to May were up by 8.4%, a smaller increase than April’s 9.2% figure.
London saw the slowest annual price growth at +3.9%. However, there were discrepancies across the capital, with prices rising by 7.2% in Barking and Dagenham and 6.9% in Havering, east London compared to 1.8% in Camden and Southwark.
Zoopla says that while demand in the market is still 30% higher than the five-year average, it is beginning to fall to more normal levels, which is likely to put a brake on price increases.
Homes are also taking longer to sell. The UK average time from listing to sale agreed has increased from 20 days in March to 22 days in May. In London the figure is 35 days, however this is down on the on the five-year average of 50 days.
Rises in the cost of borrowing, following increases in the Bank of England base rate, are also likely to be a factor.
Buying and selling at the same time?
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The portal says that the rate of price growth will continue to ease, as is being seen monthly. It predicts that annual price growth will fall to +3% by the end of the year.
Gráinne Gilmore, Head of Research at Zoopla said:
“Sales market conditions are strong by any measure, but there are signals that the impetus in the market is slowing, and more price sensitivity in the market will spell a slowdown in price growth during the remainder of 2022.”
Read more about this story on the Property Reporter website.
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