House prices in the UK accelerated in May, whereas private rental prices saw a slower annual growth rate, as reported by the Office for National Statistics on Wednesday.
The average house prices increased by 2.2 percent year-over-year, following a revised 1.3 percent rise in April.
This marks the third consecutive increase in house prices after eight months of annual declines.
Additionally, the data revealed that private rents grew by 8.6 percent compared to a year ago, a slight deceleration from the 8.7 percent increase in May.
Previously, in March 2024, average rents had reached a record high annual growth rate of 9.2 percent.
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