Property professionals highlighted a nervousness about taking on debt when it is unclear when the living costs surge will start to level out
According to Office for National Statistics figures, the average house price was £31,000 higher in April than a year earlier.
ONS figures also released on Wednesday showed that Consumer Prices Index inflation rose from 9% in April to 9.1% in May. The lowest annual house price growth was in London, where average prices increased by 7.9% over the year to April. The average house price in London remained the most expensive of any region in the UK, with an average price of £530,000 in April.
“Nevertheless, continuing lack of choice and strong employment prospects means there is still little chance of significant price changes over the next few months at least.”
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