UK House Prices Rise in May, Driven by First-Time Buyers

Deep News05-28

The real estate website Zoopla reported that UK house prices increased by 1.5% in May, as first-time buyers sought higher-value properties.

Zoopla stated on Thursday that the average UK house price in May was £271,900 (approximately $365,597). First-time buyers paid an average of around £254,750, reflecting a 4.3% rise compared to the same period last year.

Despite a 10% decline in buyer demand, the number of homes sold in that month still grew by 1%. The number of first-time buyers entering the market decreased by 6%.

Richard Donnell, Executive Director at Zoopla, commented, "Although buyer inquiries are lower than last year, determined purchasers are continuing to proceed with transactions as mortgage rates have eased, leading to an increase in completed sales."

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