The UK housing market showed signs of deceleration in May, with the ONS’ official house price index reported a 1.9% annual increase in house prices, down from the revised 3.2% growth recorded in April.

The average price of a house was now pegged at £286,000, a £6,000 year-on-year rise, but a £7,000 decline from the peak last September peak.

ONS data also indicated a 5.1% hike in private rental prices over the year to June 2023, marking the most substantial annual percentage increase since the initiation of this data series in January 2016.