Average asking price for UK home hits new high of almost £380k

The average asking price for UK homes has reached a new record high of £379,517 in May, marking the fifth consecutive year with a May record. Despite slower demand compared to usual levels, prices have been rising steadily due to high home availability and lower stamp duty rates post-implementation cuts earlier this spring. Lenders are also cutting interest rates to boost affordability, which could further support buyer activity as the market bounces back in May.