UK house prices rise in May despite slow annual growth

House prices in the UK increased by 0.6% in May as steady upward trend in values continued but there are signs that the growth is slowing, according to the latest index from lender the Halifax.“Low interest rates, increasing employment and rising real earnings, continue to support housing demand. The strength of demand combined with very low supply, is causing house prices to rise at a very brisk pace in quarterly and annual terms,” said Martin Ellis, Halifax Housing Economist.