PHOTO: The price of properties coming to markets rose just 0.8% last month, an increase of £2,509, pushing the national average to a new record high of £336,073 for the third consecutive month. Photo: Nathan Stirk/Getty Images
The UK housing market is beginning to show signs of cooling, new research has shown, as property prices reach record levels and home availability wanes.
The price of properties coming to markets rose just 0.8% last month, an increase of £2,509 ($3,483), pushing the national average to a new record high of £336,073 for the third consecutive month.
This was still the largest increase over the period since 2015.
According to data from Rightmove, house prices in the UK are now at a record in all countries and regions across Britain, which combined with an all-time low in the number of available homes, is starting to slow the pace of the market.
Although sales agreed in May were 17% ahead of the same period in 2019, it fell short of April’s 45%. The data compared current prices to 2019 since the UK property market was effectively suspended until mid-May 2020.
The research showed that average prices rose by £67,394 since March 2020 for properties in the high-end range, up 12.3% compared to a rise of 7.5% for all properties.
READ MORE VIA YAHOO