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Home prices in the UK have risen by 1.2% in May, with annual prices showing a North-South split. North and North East lead annual gains, while London and the Southeast see declines. Buyer activity remains strong with record buyer choice and high listings, though price realism remains crucial for quick sales.
May price data show a UK-wide dip in annual growth with May price at £298,806, while buyers face higher mortgage costs and cautious demand. Analysts say activity remains steady but uneven as inflation and rates influence decisions. Buyers and sellers adjust, with first-time purchases affected by deposits and cost of debt.
Zoopla finds a widening gap between house and flat prices since 2016, with houses up 43% and flats 10%, widening the house-to-flat ratio from 1.3x to 1.7x. Regional disparities are strongest in the Midlands and North, while Scotland remains stable. London shows a different pattern, with slower price growth.
A series of proposals around council tax, stamp duty and land value tax are attracting attention as policymakers consider how to reform property taxation. The debate spans mansion taxes in Scotland, and broader reforms that could affect ownership costs and mobility.
Nationwide reports that annual house price growth has picked up to 2.2% in June, while month-on-month prices are flat. Mortgage rates remain elevated but could ease if energy prices stay soft. Buyers are cautious; sellers are pricing carefully amid a slower summer and uncertain outlook.