According to the figures, the average UK house price was £283,000 in May - £32,000 higher than this time last year.
Over the year house prices increased by 13.1% in England, 14.4% in Wales, 11.2% in Scotland, and 10.4% in Northern Ireland. Average house prices increased by 1.2% between April and May, compared with an increase of 0.4% during the same period in 2021.
The lowest annual house price growth was in London, where average prices increased by 8.2% over the year to May, up from 6.9% in April.
Anna Clare Harper, director of real estate technology platform IMMO, says: "House prices are seen as a reflection of confidence. From that perspective, the latest house price data seems like a good thing.
"However, that’s not the full story. Consumer confidence is down, and for good reason: we are not yet through the global health challenge of Covid, international war and political turmoil – first Brexit, now leadership uncertainty.
"House prices are still booming due to shortages of supply. We have an acute shortage of properties for sale and for rent which are affordable, in places people want and need to live, and of good quality.
"The only way to resolve this is to encourage long-term, professional investors, into the sector, to rectify the shortage of supply and resolve this backlog.’
Tomer Aboody, director of property lender MT Finance, says: "With such low numbers of properties coming to the market, it's not surprising prices continue to rise as buyers compete for limited stock.
"With interest rates rising, along with inflation and house prices, first-time buyers and movers are facing even tougher conditions with the market running away from them.
"Getting more properties onto the market is key. A restructure of stamp duty might encourage potential sellers to enter the market knowing that the cost of moving, whether upsizing or downsizing, is lower, and therefore more affordable.'
Richard Davies, MD of Chestertons, said: “May of this year surpassed May 2021’s market performance when we had the added stamp duty incentive. This indicates that buyer confidence has returned despite economic challenges. With the Bank of England putting up interest rates more than once this year, many house hunters have also established a stronger sense of urgency to buy before further rate hikes.”
