Asking prices for British homes in May rose by more than usual for the time of year, despite uncertainty about the Iran war, and a key mortgage rate eased back, property website Rightmove said this week.
Property prices rose by a monthly 1.2 per cent, above the 1.0 per cent increase usually seen in May, Rightmove said. Prices rose by 0.8 per cent in April from March.
“What’s notable this month is that activity in the market is staying fairly steady, even with ongoing cost-of-living pressures and wider global uncertainty,” Colleen Babcock, property expert at Rightmove, said.
The Rightmove survey also showed:
- Asking prices were 0.3 per cent lower than a year earlier
- The average two-year fixed mortgage interest rate fell to 5.18 per cent on May 11 from 5.42 per cent a month earlier
- Price falls in annual terms in the first-time buyer sector eased affordability problems in London and the southeast of England
- The number of homes for sale held at an 11-year high
- Sales agreed were 4 per cent below their level a year earlier and 2 per cent higher compared with the same period in 2024
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