Here's how much the average house price increased in the year to May

Helen Cahill
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Housing Market in the UK
House prices were unchanged in May (Source: Getty)

Average house prices in the UK increased by 8.1 per cent in the year to May 2016 - unchanged from the year to April.

The average UK house price was £211,000 in May - £16,000 higher than in the same month last year, and £2,400 higher than in April, according to the Office for National Statistics (ONS).

Read more: Sales of prime central London homes are now lower than they were in 2008

London remained the region with the top average house price at £472,000. London house prices had the highest annual growth; prices increased by 13.6 per cent in the year to May 2016.

The lowest annual growth in England was in the North East, where prices grew by 3.2 per cent in the year.

Jeremy Duncombe, director of Legal & General Mortgage Club, said: "As expected house prices softened slightly in the build up to the EU referendum, but we will only start to see the real impact of the vote to leave in the coming months. Despite this flattening, it is paramount that we do not consider house price changes in monthly isolation.

Read more: Here's how far house prices fell after the Brexit vote

"Annually, house prices have continued to increase well above the rate of inflation. What these figures really highlight is the fact that house prices have stopped rising at the heady speeds we have become accustomed to – not that they are falling."

John Goodall, chief executive of peer-to-peer lending platform Landbay, said: "Despite demand cooling following the introduction of stamp duty changes to the buy-to-let market in April, an ongoing period of low interest rates, increasing employment and wage inflation continued to support house price growth in May, offsetting the previous month's fall."

Inflation beat expectations in June, the ONS also said this morning, increasing from 0.3 per cent in May.

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