18.07.201705:56:00UTC+00UK House Price Inflation Eases In May

British house price inflation eased in May after accelerating in the previous month, figures from the Office for National Statistics showed Tuesday.

The house price index climbed climbed 4.7 percent year-over-year in May, slower than the 5.3 percent rise in April, which was revised down from a 5.6 percent increase reported earlier.

The average UK house price was GBP 221,000 in May, which was GBP 10,000 higher than in the same month of the prior year and GBP 1,000 higher than last month.

House price inflation in England alone was 5.0 percent in May. House prices grew 3.8 percent in Wales and 3.5 percent increase seen in Scotland.

On a regional basis, London remained the region with the highest average house price at GBP 481,000, followed by the South East and the East of England.

On a monthly basis, house prices increased 0.5 percent in May.