Annual growth in UK house prices slowed in May 2026, with the Nationwide House Price Index (HPI) rising 1.7% year-on-year, down from 3.0% in April 2026. The latest figure, updated on 1 June 2026, points to a cooling in momentum after a stronger start to the spring selling season.
The HPI measures the change in residential property prices compared with the same month a year earlier. April’s 3.0% reading reflected how prices in April 2026 compared with April 2025, while May’s 1.7% shows that price gains in May 2026 have moderated relative to May 2025.
The deceleration suggests that affordability pressures and shifting buyer sentiment may be weighing on the pace of price increases, even as values remain higher than a year ago. Market participants will now be watching whether May’s softer reading marks the start of a more prolonged slowdown in annual house price growth across the UK.
