The Office for National Statistics said the average price of a property in the country now stands at £221,000, up by about £10,000 in comparison with the same month in 2016.
However, the results also showed a significant disparity in the levels of growth being achieved in certain regions, although all parts of the UK once again recorded an increase in values during the year inquestion.
The east of England enjoyed the most rapid rises in house prices in the year to May, with a typical property adding 7.5 per cent. It was closely followed by the East Midlands (7.2 per cent), while the south-west (5.5 per cent) and the West Midlands (5.3 per cent) also saw large gains.
In the north-east, house prices increased by 1.6 per cent, while the figure was only three per cent in London.
Kevin Shaw, national sales director at property specialist Leaders, says: “Although a 4.7 per cent annual rise in the year to May was slightly down on the 5.3 per cent growth recorded in April, it proves the UK housing market is robust and continuing to grow at a reasonable pace.
“The regional variation in evidence in the market right now is particularly intriguing. A variety of factors – including wage growth, buyer demand and inflation – are having a differing impact in certain locations and mean the experience of selling a home varies greatly depending on where you live”.
“That is why I believe it is incredibly important for people to work with a local estate agents that has great understanding and insight into the relevant town and region.
“It is also wise to set a realistic asking price for a property in order to maximise interest and increase the chance of achieving a quick sale at a great price. Sellers should be wary of using estate agents that promise inflated figures simply to win their business and instead trust those that recommend an attractive but realistic price.”
All of Leaders’ 124 branches across the UK are staffed by local experts and offer a dedicated, tailored service to those looking to sell their home