The fifth consecutive monthly increase in the U.K. house prices amid limited supply took average asking prices to a record, a survey by Rightmove showed Monday.
House prices hit a record GBP 249,841 in May, as new sellers raised their prices by 2.1 percent from the prior month. Prices were up by the same magniture in April.
The fifth consecutive monthly growth has left prices 9.1 percent higher year-to-date, which was the strongest price start to a year since 2004, the survey showed.
Property price in the capital city London is more than twice as expensive as the national average and reached a record high. A typical property in London costs GBP 509,870, up around 3.3 percent in May.
On a yearly basis, house prices at national level grew at a pace of 2.5 percent, much faster than the 0.4 percent increase registered in April.
According to Rightmove, cheap money and more positive mood started to release pent-up demand.
House price data signals that the government's Help to Buy program as well as the Bank of England's Funding for Lending Scheme started to underpin recovery in the property market.
The recent Halifax survey also showed a revival in the residential property market helped by the low levels of mortgage payments in relation to income.
Although a survey conducted by Nationwide Building Society revealed a slight fall in house prices in April, the mortgage lender expects activity levels to strengthen in the coming months, supported by the government's revised credit scheme.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.