The average price of a house in the UK was £3,000 lower last month than it was in May 2022.

Amidst the pandemic, the value of property skyrocketed due to the surge in demand resulting from the stamp duty tax exemption and the need for more spacious homes due to the widespread adoption of remote work. In August of 2020, the average cost of a house hit a high of £294,000 as reported by Halifax’s monthly index. However, it has currently decreased to £286,532.

It is now reported that the average UK property now costs £286,896, compared with £287,891 in March.

The finacial times reported on all areas of the country, the West Midlands ‘continued to be the best performing region with an annual increase of 2.7%.’