Average British house price hits record high of £375,000

Pent-up demand from would-be buyers pausing their plans last year has led to price rise despite mortgage rates remaining elevated

The average British house price reached a record high of 375,131 in May, according to Rightmove. The average prices of properties coming to market rose 0.8%, or 2,807, month on month.

Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home mover activity despite mortgage rates remaining elevated for longer than anticipated, the property website's report said.