House prices rose by more than 5% over the last year

House prices in the UK rose by an average of 5.7% in the 12 months up to May.

That was a slight increase on the 5.5% figure for the year up to April.

The figures varied from increases of 5.8% in England to 2.5% in Wales, 2.9% in Scotland and 10.5% in Northern Ireland.

The price increases in England were boosted by a rise of 9.3% in the East and 8.2% in the
South-East. Excluding these areas, the average increase across the UK was 5.2%.

In May this year, first time buyers were paying an average of 5.1% more for their homes than in May 2014. Existing owner-occupiers were paying an average of 5.9% more.

Please contact Gary Baber if you would like information about the legal aspects of buying or selling a home.