Average UK house price hits record of £289,099 but market starts to cool

Annual growth remains at 10.5%, the slowest rate since start of year, says Halifax

The average UK house price hit a fresh high in May, rising for the 11th month in a row, according to Halifax data, but the annual growth rate slowed in a sign that the cost of living crisis is cooling the market.

House prices increased by 1% between April and May, or 2,857, taking the average price of a home to a record of 289,099.