UK house prices rise to the highest level since 2014

Data released by the Halifax mortgage lender today showed that UK house prices rose 1.3% in May versus 1.5% in April. Analysts had expected house prices in Britain to rise by 1.2% in May. On an annual basis, UK house prices rose 9.5% in the twelve months to May from the same period last year, the largest annual increase since June 2014.

Halifax said it expects upward pressure on house prices to outpace the stamp duty cut that will be phased out between July and October, Britain's official house price index showed house prices based on deals completed in March were 10.2% higher than a year earlier and larger High since August 2007.