House prices went up 4.7% in the year to May, down from April’s figure of 5.3%, new figures show.
According to the latest data from the Office for National Statistics, house prices rose £1,000 in May, taking the average value of a property in the UK up to £221,000.
The annual growth rate has slowed since mid-2016 but has remained broadly around 5% during 2017.
In England house prices have gone up by 5.0% over the year to £238,000.
Wales saw house prices increase by 3.8% over the last 12 months to £150,000, while in Scotland they went up by 3.5%to £143,000.
The average price in Northern Ireland currently stands at £124,000, an increase of 4.3% over the year.
London continues to be the region with the highest average house price at £483,000, although annual growth is down to 3.0% from 4.7% in April.
The East of England showed the highest annual growth, with prices increasing by 7.5% in the year to May 2017.
This was followed by the East Midlands at 7.2%. The lowest annual growth was in the North East, where prices increased by 1.6% over the year.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “These figures are interesting because they show the market demonstrating resilience at a time of turmoil in the political and economic worlds and shrugging off concerns about possible falls in prices. Transaction numbers remain broadly in line with what we would expect after the impact of the stamp duty change 12 months ago.
“On the ground, we are seeing once again buyers and sellers getting on with their moves albeit negotiating much harder.
“Looking forward, we don’t expect the situation to change and in fact some may be encouraged by the fall in inflation, easing the prospects for household finances and affordability.”
