Home Prices in the UK are the Lowest in 5 Years
The UK Office for National Statistics or the ONS this week reported data on house price growth in the UK in May 2018, and for that period the position of house prices declined. The fall in house price movements in the UK, according to the ONS, reached the slowest price movement in almost five years.
Average home prices in the kingdom's country rose 3 percent on an annual basis in May, which was down compared to the 3.5 percent increase in April. Home price growth has slowed after the Brexit vote in mid-2016 and remains below 5 percent for most of 2017 and 2018.
The slowdown in price movements was most prevalent in the south and east of England and prices fell 0.4 percent in London, marking a consecutive decline for the past 4 months.
Compared to the previous month, house prices fell 0.2 percent between April and May.
For information the average home price in the UK was 226,000 GBP in May, unchanged from the previous month.