House prices saw 2.7% annual rise in May, says ONS

The average UK house price rose by 2.7% in May 2026 from the previous year, according to the latest ONS house price index. 

This increase brought the value of an average property to £271,000. Meanwhile, house prices rose by 0.3% from April to May, down from the 1.5% increase in the same period last year.

Nick Leeming, chair of national estate agency Jackson-Stops, said the figures “suggest the housing market has maintained positive price growth through the spring, supported by steady underlying demand.”

Led by the North East with a 5.9% annual increase, all regions in England experienced a year-on-year rise, apart from London, which saw a -3.7% drop since May 2025.

The North West saw the largest monthly increase at 1.4%, while London experienced a fall of -1.2%.

On average, house prices in Wales rose by 1.3% month-on-month and 4.2% annually, taking the average property value to £215,000.

Scotland saw an annual property rise of 4.4% , while this figure was 7.4% for Northern Ireland.

Leeming said: “Recent indicators suggest buyers are becoming increasingly selective as affordability pressures and borrowing costs continue to influence decision-making.

”Our latest research found that 42% of those whose moving plans had been delayed cited economic uncertainty as a reason, underlining the importance of greater stability and policy certainty in sustaining market activity. This is creating a more considered market where transactions are being driven by value and quality rather than urgency.”

He also highlighted recent research by the company, which showed that removing stamp duty costs could bring more than 300,000 owner-occupied homes onto the market across England within less than a year. This would “increase choice, enable more people to move into homes that better meet their needs and help transactions flow more freely across the market,” he said.