Nationwide House Price Index for May 2026 – Thoughts from the Industry
The latest Nationwide House Price Index for May 2026 shows that:
- House prices fell by -0.6% between April 2026 and May 2026.
- This marks the first monthly decline recorded so far this year.
- Annual house price growth slowed to 1.7% in May 2026, down from 3.0% in April 2026.
- The average UK house price now stands at £278,024.
Here are some thoughts and reaction from the Industry:
Nathan Emerson, CEO of Propertymark
“Stable house prices will be welcomed by many buyers and sellers looking for greater certainty in the market after a prolonged period of economic volatility. Buyers who need to move are continuing to act decisively, particularly where mortgage rates have stabilised, and supply levels remain constrained.
“Many households are continuing to carefully assess affordability before making decisions, particularly as mortgage costs remain higher than many borrowers have become accustomed to over recent years. However, steady pricing can help support confidence and encourage more balanced negotiations between buyers and sellers.”
Marc von Grundherr, Director of Benham and Reeves
“A monthly dip in house prices shouldn’t be mistaken for a market downturn. Buyers remain active, transaction levels are holding firm and house prices remain higher than they were this time last year.
Yes, the landscape may be more challenging, but despite wider economic angst, higher mortgage rates and stubborn inflation, homebuyers are continuing to make their move when the right opportunity presents itself.”
Verona Frankish, CEO of Yopa
“I’s important to judge the health of the property market with a long-term view and the bigger picture remains one of stability, with house prices still higher than they were a year ago.
Whilst we may have seen a marginal decline in property values on a monthly basis, this is unlikely to materialise into a long-term trend given we’re now entering peak selling season when the market really heats up.”
Chris Hodgkinson, Managing Director of House Buyer Bureau
Whilst annual house price growth remains in positive territory, the latest figures suggest that market confidence is becoming increasingly fragile.
When buyer demand starts to cool, the impact is often felt first through slower transaction times, tougher negotiations and an increase in fall-through rates rather than outright price declines.
The market remains active, but sellers who fail to adapt their expectations to current conditions may find it considerably harder to secure a sale.”
Jeremy Matallah, co-founder of rent to buy housing provider Keyzy
“Rising borrowing costs, inflation and wider uncertainty are starting to weigh on the market, with lower prices and falling buyer enquiries showing confidence has taken a hit. People still want to buy, but many are pausing because affordability feels uncertain and the wider economy feels harder to read.
“For first-time buyers, any improvement in affordability matters. Wages have been rising faster than house prices, and mortgage rates look more settled than they did at their peak. That should give some buyers a better chance of getting onto the ladder, instead of feeling like home ownership keeps moving further out of reach.
“However, affordability remains the single biggest issue facing the housing market and nowhere is that more apparent than in London. Although the capital has seen some of the weakest house price growth in the country, buying a first home still feels frustratingly out of reach unless there’s significant family support to overcome the hurdle of saving for an enormous deposit.
“The buy-versus-rent debate also isn’t really just about monthly costs anymore because, in many parts of the country, buying can now compare surprisingly well on repayments. The real challenge is that first-time buyers need affordability, borrowing power and available stock to all line up at the same time, and for many that still feels easier said than done.”
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