UK house price growth slows to 4.7% in May, ONS says

UK house price growth slowed from a 5.3% year-on-year pace in April to 4.7% for May.

Although the price index had been on a declining trend since mid-2016, year-to-date it had been broadly stable at roughly 5%, according to the Office for National Statistics.

The average price of a home in the UK was £221,000 in May, that was £10,000 more than a year ago and £1,000 more than in the previous month.

Prices in England registered the largest increase, rising by 5% over the past year to £238,000.

Meanwhile, in Wales they rose 3.8% to £150,000 and in Scotland by 3.5% to £143,000.

In Northern Ireland, prices grew 4.3% to £124,000.

At an average price of £481,000, London continued to have the most expensive homes and the North East, at £127,000, the least.