House prices steady in May despite broader market uncertainty
The latest Halifax House Price Index for May 2026 shows that:
- House prices fell by -0.1% between April 2026 and May 2026.
- This marks the second consecutive month of marginal monthly decline.
- Annual house price growth increased slightly to 0.5% in May 2026, up from 0.4% in April 2026.
- The average UK house price now stands at £298,806.
Here are some thoughts from the Industry.
Nathan Emerson, CEO of Propertymark
“A dip in house prices both month on month and quarterly highlights the ongoing impact of affordability pressures on buyer behaviour, particularly as many households continue adjusting to higher mortgage repayments and wider cost-of-living concerns.
“Although demand has moderated, the market remains active, where sellers are willing to align pricing with local conditions. Buyers are becoming more selective, and professional guidance is increasingly important in helping transactions progress smoothly.”
Marc von Grundherr, Director of Benham and Reeves
“The housing market has become a marathon rather than a sprint, but buyers are still crossing the finish line.
Whilst we’re not seeing the consistently strong monthly rates of growth seen in previous years, house prices continue to strengthen on an annual basis and market activity remains remarkably resilient.”
Verona Frankish, CEO of Yopa
“A cooling market isn’t the same as a cold market.
Whilst house prices have remained largely flat in recent months, the fact that mortgage approvals have climbed to their highest level in more than a year tells us that buyers are still very much engaged.
Stability may not grab the headlines, but it’s exactly what the market needs after a prolonged period of volatility.”
Chris Hodgkinson, Managing Director of House Buyer Bureau
“The biggest gap in today’s market isn’t between supply and demand, it’s between buyer budgets and seller expectations.
Buyers are continuing to move, but they’re negotiating harder than they have for years and they’re unwilling to overpay. Sellers who remain anchored to yesterday’s market values risk spending longer on the market and accepting a lower offer further down the line.”
Jeremy Matallah, co-founder of rent to buy housing provider Keyzy
“House prices are tumbling in real terms. Normally that spells relief but rents are too high, home building is still scarce and income multiples are brutal. This isn’t a market correcting, it’s a market freezing over.
“It’s a grim picture. We’ve built a housing market that can’t do the two things we most need it to, which is create new homes that people can afford. It’s no good just pinning the blame on build costs, that’s ducking the real issues. Stamp duty also has a lot to answer for, as do monthly mortgage repayments which are hammering budgets in a way that just didn’t happen a decade ago when rates were on the floor.
“For vendors, the picture is bleak and motivated sellers need to get real on price. They’re going to have to become even more realistic about valuations, while buyers upsizing or buying for the first time have no reason to rush. They’ve got every incentive to wait to see if mortgage rates come down alongside further price falls. It’s a classic doom loop for vendors, and first-time buyers may yet be this year’s real winners.”
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