UK house prices rose 1% in May to hit a new record high as the property market continued to defy fears of a downturn caused by the cost of living crisis.
The £2,857 increase from April was the 11th monthly rise in a row and took the average house price to £289,099 ($363,300). For the year to May, prices were up 10.5%. Halifax said a shortage of homes for sale once again drove the increase.
However, it was the fourth month running that the annual pace has slowed, and coupled with weaker mortgage lending it suggests that the market may be losing momentum.
Real Estate Credit Investments Limited (LON:RECI) is a closed-ended investment company which originates and invests in real estate debt secured by commercial or residential properties in Western Europe, focusing primarily on the United Kingdom, France and Germany.
