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United Kingdom Housing May 2022

United Kingdom: House prices growth gains momentum in May

According to the Nationwide Building Society, house prices grew 0.9% in month-on-month seasonally-adjusted terms in May, which followed April’s 0.4% increase. Meanwhile, house prices increased 11.2% annually in May, down from April’s 12.1% increase.

House prices continue to be boosted by tight home supply, a strong labor market and changes in housing preferences in the aftermath of pandemic.

On the outlook, Robert Gardner, chief economist at Nationwide, stated:

“We continue to expect the housing market to slow as the year progresses. Household finances are likely to remain under pressure with inflation set to reach double digits in the coming quarters if global energy prices remain high. Measures of consumer confidence have already fallen towards record lows. Moreover, the Bank of England is widely expected to raise interest rates further, which will also exert a cooling impact on the market if this feeds through to mortgage rates.”

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