UK Home Asking Prices Climb Higher Than Usual in May as Mortgage Rates Ease
May Housing Market Trends and Mortgage Rate Movements
Monthly Price Growth Surpasses Seasonal Norms
LONDON, May 18 (Reuters) - Asking prices for British homes in May rose by more than usual for the time of year, despite uncertainty about the Iran war, and a key mortgage rate eased back, property website Rightmove said on Monday.
Property prices rose by a monthly 1.2%, above the 1.0% increase usually seen in May, Rightmove said. Prices rose by 0.8% in April from March.
Market Activity Remains Resilient Amid Uncertainty
"What's notable this month is that activity in the market is staying fairly steady, even with ongoing cost-of-living pressures and wider global uncertainty," Colleen Babcock, property expert at Rightmove, said.
Key Findings from the Rightmove Survey
Annual and Monthly Price Changes
The Rightmove survey also showed:
Price and Mortgage Rate Highlights
• Asking prices were 0.3% lower than a year earlier
• The average two-year fixed mortgage interest rate fell to 5.18% on May 11 from 5.42% a month earlier
Affordability and Market Supply
• Price falls in annual terms in the first-time buyer sector eased affordability problems in London and the southeast of England
• The number of homes for sale held at an 11-year high
Sales Activity
• Sales agreed were 4% below their level a year earlier and 2% higher compared with the same period in 2024
(Reporting by Suban AbdullaEditing by William Schomberg)
