House Price Index May 2026
The housing market is holding up in the face of uncertainty and higher borrowing costs caused by the conflict in the Middle East. However, with fewer buyers than a year ago, the outlook remains uncertain. While the supply of homes for sale remains healthy, buyers remain price-sensitive, and a third of listed homes have had to reduce their asking price. While the supply of homes for sale remains healthy, buyers remain price-sensitive, and a third of listed homes have had to reduce their asking price.
What’s happening nationally
House prices are up on average +0.5% over the past month and +2.2% over the past year.
House prices across the indices are up on average +0.5% this month. Land Registry reporting April figures +0.7%, Nationwide +0.9% in May, Halifax -0.1% in May and Rightmove +1.2% rise in asking prices in May. Rightmove isn’t included in our average change as they report on asking prices not sold prices.
Annual house price growth is up 2.2%, up from 1.1% last month. The indices report the following shifts in annual house price growth this month vs last: Land Registry (3.8% vs 0%), Nationwide (2.2% vs 3%), Halifax (0.5% vs 0.4%) and Rightmove reporting asking prices (-0.3% vs -0.9%).
Land Registry notes a significant swing in the annual rate because average UK house prices experienced a modest monthly rise (0.7%) between March and April 2026, while there was a large monthly fall (-2.9%) in the same period a year ago, coinciding with changes to Stamp Duty Land Tax in England and Northern Ireland on 1 April 2025.
Indices based on:
Land Registry – registered property transactions in April.
Nationwide & Halifax – mortgage valuations in May.
Rightmove – asking prices posted on Rightmove in May.
*Rightmove is not included in the index average as the basis for its index is different (asking price vs agreed sale price)
| Index reports: | Monthly change | Annual change |
|---|---|---|
| Land registry | +0.7% | +3.8% |
| Nationwide | +0.9% | +2.2% |
| Halifax | -0.1% | +0.5% |
| Rightmove | +1.2% | -0.3% |
| Average change | +0.5% | +2.2% |
House prices in your area
Regional house prices
Annual house price growth is highest in Northern Ireland (7.4% Q1 data), England (+3.9%), Wales (+3.5%) and Scotland (+2.8%).
Annual house prices are up in most regions in England, apart from London (-2.1%). The areas with highest annual growth in England include: the North East (+9.9%), North West (+7.2%) and Yorkshire & Humber (+7.2%).
Most expensive/ cheapest areas
In terms of average house price, the most expensive regions in the UK are London (£553K), the South East (£377K) and the East of England (£336K). The cheapest regions are the North East of England (£163K), Scotland (£192K), Northern Ireland (£198K), Yorkshire & Humber (£208K) and Wales (£213K).
In terms of cities, the most affordable are: Aberdeen (£130K), Glasgow (£165K), Newcastle (£164K) and Sheffield (£178K). And, the most expensive cities in the UK are: London (£529.5K), Cambridge (£468K), Oxford (£450K), Bristol (£342K) and Bournemouth (£317K).
Prices by property type
House prices shifted in the last year for detached (+3.0%), semi-detached (+5.1%), terraced (+5.8%) properties and for flats/ maisonettes (+0.3%).
| UK Region | Average price £ | Monthly change | Annual change |
|---|---|---|---|
| England | |||
| Nothern Ireland | |||
| Scotland | |||
| Wales | |||
| North West | |||
| Yorkshire and The Humber | |||
| North East | |||
| West Midlands | |||
| East Midlands | |||
| South West | |||
| East of England | |||
| South East | |||
| London |
| UK City | Average price | Annual change |
|---|---|---|
Market Monitor
April 2026 transactions of 101K are down -3% vs March (104K) and up 53% vs transactions last April (66K), when transactions plummeted with the stamp duty change in April 2025.
In May 2026, buyer demand softened further and new sales instructions fell. However, Zoopla reports that sales agreed are running 1% higher than last year despite buyer demand being 10% lower
And, the average time to secure a buyer reduced to 60 days in May from 62 days last month according to Rightmove; faster than the average over the last 12 months (which is 67 days).
How busy is the market?
- Not busy
- Normal
- Very busy
- Transactions in April 2026 are down slightly but in the higher range for recent years
- Total transactions in April 101K
- -3% versus last month
- +53% vs last April (huge drop after stamp duty change April last year)
Homes for sale vs homebuyers
- Good availability of homes
- Normal
- Shortage of homes
- Buyer enquiries fall (-34% RICS May) similar to April
- Seller instructions down slightly (-8% RICS May)
- Average stock per agent up to 63 in May from 62 last month (incl under offer/ Sold STC Rightmove)
Average speed of sale
- Fast
- Normal
- Slow
- May 60 days vs 62 days last month; faster than the 12 month average of 67 days (Rightmove)
What the experts say
Rightmove
“It’s normal to see asking prices pick up as we move through the spring selling season. What’s notable this month is that activity in the market is staying fairly steady, even with ongoing cost‑of‑living pressures and wider global uncertainty. The number of sales agreed is holding up well, consistent with trends we’ve seen in 2026 so far. However, this overall positive national monthly snapshot masks a north-south divide in year-on-year seller pricing-power. Prices are rising in the north, but all sellers should note that buyer choice is now at its highest level for this time of year since 2015. Getting the asking price right from the outset is therefore increasingly important with 32% of existing homes for sale seeing a price reduction, new sellers need to price more competitively, as over-optimistic initial pricing is leading to longer selling times as homes priced too ambitiously are taking longer to sell.”
Nationwide
“The pickup in house price growth suggests that the market had regained momentum after the slowdown recorded around the turn of the year. However, the sharp rise in global energy prices in response to developments in the Middle East represents a significant shock to the global economy, clouding the outlook. Financial market expectations for the future path of Bank Rate have shifted dramatically. Towards the end of March, three interest rate increases were priced in over the next twelve months, compared to two rate cuts being anticipated before the strikes on Iran. This shift has resulted in a sharp rise in longer term interest rates (swap rates) that underpin fixed rate mortgage pricing. If sustained, this could reverse some of the improvement in housing affordability that has taken place in recent years. With consumer sentiment also likely to be dented by the uncertain outlook and the prospect of rising energy costs, housing market activity is likely to soften. ”
Zoopla (Hometrack)
“The housing market is holding up in the face of uncertainty and higher borrowing costs, though with fewer buyers than a year ago the outlook remains finely balanced. Sales agreed are running 1% higher than last year despite buyer demand being 10% lower. While browsers and those sensitive to higher borrowing costs have stepped back, buyers with a clear need to move have continued to make offers on homes, pushing sales higher. More homes coming to the market is giving buyers greater choice and suggests more households are pressing ahead despite increased uncertainty.”
Halifax
“Property price trends continue to reflect the uncertainty linked to developments in the Middle East. Despite recent cuts to mortgage rates, higher inflation expectations have kept borrowing costs above the level seen at the start of the year, continuing to stretch affordability for many buyers and temper demand. Even so, overall activity has held up well, reflecting the underlying resilience of the UK housing market. Among first-time buyers, annual growth is more subdued at +0.3%. Looking ahead, borrowing costs and consumer confidence are likely to continue shaping activity in the coming months, with house prices expected to remain broadly stable while interest rates stay elevated.”
RICS
“The May 2026 RICS Residential Market Survey results indicate that a challenging macroeconomic backdrop continues to weigh on demand, although some of the downward momentum seen in recent months appears to be stabilising. While forward looking measures remain cautious in the near term, expectations have improved slightly over the twelve-month horizon.”
