The common UK home worth fell by 0.1% month on month or or round £170 in money phrases in Might, in line with an index.
The everyday property worth was £288,688, which was 1.5% greater than a 12 months earlier, Halifax mentioned.
Amanda Bryden, head of mortgages, Halifax, mentioned: “Market exercise remained resilient all through the spring months, supported by sturdy nominal wage progress and a few proof of an enchancment in confidence concerning the financial outlook.
“This has been mirrored in a broadly steady image by way of property worth actions, with the common value of a property little modified over the past three months.
“A interval of relative stability in each home costs and rates of interest ought to give a level of confidence to each consumers and sellers.
“Whereas house consumers and people remortgaging will proceed to answer adjustments in borrowing prices, set in opposition to a backdrop of a restricted provide of accessible properties, the market is unlikely to see big fluctuations within the close to time period.”
Nathan Emerson, chief govt at property professionals’ physique Propertymark mentioned: “With a common election now on the horizon, there could also be potential warning from consumers and sellers, particularly these hoping to step onto the housing ladder for the primary time.”
Myles Moloney, space gross sales supervisor at property agent Chase Buchanan, mentioned: “Pricing remained steady, with well-presented household houses being significantly standard and in lots of circumstances receiving a number of affords.
“As hire ranges proceed to carry, or in some areas seemingly improve additional over the approaching months, we count on to see extra aspiring householders starting their property search which is able to gas a aggressive property market this summer season.”
Zoopla reported on Friday that annual rental worth inflation for brand spanking new lets was operating at 6.6% in April, with the common hire having elevated by £80-per-month in contrast with a 12 months earlier.
Whereas rental demand has softened over the past 12 months, there are nonetheless 15 individuals chasing each house for hire, greater than double the pre-pandemic common of six individuals, Zoopla mentioned.
Sam Mitchell, chief govt of Purplebricks mentioned: “We’re seeing the property market proceed on its street to restoration, with good inventory coming to market and a pointy improve in viewings.”
Foxtons chief govt, Man Gittins, mentioned the property agent has “seen no inkling of election associated jitters on both the aspect of consumers or sellers”.
Jeremy Leaf, a north London property agent mentioned: “In our places of work we now have seen consumers and sellers achieve confidence, not simply from the sturdy employment figures however the anticipated southerly course of journey for inflation and mortgage charges, which is outweighing uncertainty surrounding the election.”
Yopa chief govt Verona Frankish, mentioned that when a Financial institution of England base fee reduce “does materialise, we count on the present fee of home worth progress to speed up”.
Alice Haine, a private finance analyst at Bestinvest by Evelyn Companions mentioned: “Patrons ought to keep in mind they will lock in a (mortgage) deal as much as six months forward of the beginning of their mortgage time period, with the choice to modify to a greater fee ought to it come alongside within the meantime.”
Listed below are common home costs in Might and the annual change, in line with Halifax (regional annual change figures are primarily based on the latest three months of accepted mortgage transaction knowledge):
East Midlands, £238,055, minus 0.4%
Japanese England, £329,853, minus 0.8%
London, £536,821, 0.2%
North East, £172,449, 1.9%
North West, £232,258, 3.8%
Northern Eire, £191,767, 3.2%
Scotland, £204,952, 1.9%
South East, £384,871, minus 0.2%
South West, £302,021, 0.4%
Wales, £219,483, 0.7%
West Midlands, £252,745, 0.8%
Yorkshire and the Humber, £206,351, 0.9%