Halifax says UK house prices have risen 74% in the past 10 years
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There are signs that the UK housing market is cooling, with annual price rises easing to 10.5%, the slowest pace since January, when it was 9.7%.
Despite the very real cost of living pressures some people are experiencing, the imbalance between supply and demand for properties remains the primary reason driving the continued climb in house prices.
For house hunters, the extent of the impact of property price inflation continues to be linked to the type of home they are looking to buy. Compared to May last year, you’d need around £10,000 more to buy a flat, but an additional £50,000 for a detached home. This clearly creates a knock-on effect for those looking to make their first home move, as the rungs on the housing ladder have become increasingly wider.
