Latest May data from the Office for National Statistics shows that, on average, house prices have risen by 0.1% since April 2018.
There has been an annual price rise of 3%, which makes the average property in the UK valued at £226,351.
In England, the May data shows on average, house prices have risen by 0.3% since April 2018. The annual price rise of 2.9% takes the average property value to £243,583.
The regional data for England indicates that the East Midlands experienced the greatest monthly price rise, up by 1.7%. Meanwhile, the North East saw the most significant monthly price fall, down by 0.5%.
London saw the lowest annual price increase, down by 0.4%.
John Goodall, CEO of Landbay, said: “House prices succumbed to an early summer slowdown in May, helping to provide a slight respite for those hoping to get a foot on the property ladder. However, the overall cost of living and outstandingly high deposit costs continue to prevent many aspiring homeowners from entering the market.
“More and more of the so called ‘Generation Rent’ have surrendered to the fact they may never own a home in their lifetime. As a result, the private rental sector is increasingly becoming a crucial part of the housing mix and needs to be supported now more than ever.
“Recent government initiatives to professionalise the buy-to-let market and improve tenancy conditions are certainly a step in the right direction, but investment in building more properties specifically designed to rent will help to ensure the cost of renting doesn’t hit unsustainable levels.”
