Average house prices were broadly unchanged in May after rising by just 0.1%, according to the latest Zoopla House Price Index.

This is the lowest rate of monthly price growth recorded by Zoopla since December 2019.

Growth on a quarterly basis, at 1.4%, was also at its slowest rate of in 15 months.

In total, Zoopla’s index showed that average prices were up by 8.4% on the year, having slowed from 9.2% in April, to take the average UK house price to £251,550.

“Sales market conditions are strong by any measure, but there are signals that the impetus in the market is slowing, and more price sensitivity in the market will spell a slowdown in price growth during the remainder of 2022,” said Zoopla head of research, Gráinne Gilmore.

Zoopla’s data showed that Wales registered the highest price growth again, where house prices were up 11.4% on the year, although this was down from 13.4% in February.

In another continuation of recent trends, London registered the slowest price growth in May, with average prices up by 3.9% on the year. However, this figure has still taken the average home value in the capital up by almost £30,000 over the last two year to £516,100.

Commenting on the latest Zoopla index, distribution director at MPowered Mortgages, Emma Hollingworth, added: “Rising house prices, coupled with rising interest rates, is making homeownership less and less affordable.

“For many of those looking to buy their next home, time is now squarely of the essence – securing a mortgage, and indeed a purchase, as quickly and efficiently as possible in order to ensure this remains financially viable, is key.”

She added: “The current climate is exacerbated further by demand for properties remaining high, whilst supply remains relatively low. Those able to move through the home buying process quickly are going to be at a critical advantage to others looking to purchase the same property.”

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