UK house price growth showed further signs of slowing in May, according to the latest Rightmove House Price Index, as affordability pressures and weaker buyer demand continue to weigh on the market.

Average asking prices increased by 1.2% month-on-month during May, although Rightmove said activity has softened following a stronger start to the year. The report also found that around 32% of homes currently on the market have undergone at least one price reduction, highlighting growing caution among sellers.

Despite continued resilience in some regional markets, elevated mortgage costs and wider economic uncertainty are continuing to impact affordability and buyer confidence, with many purchasers adopting a more cautious approach.

Louise Apollonio, Sales and Distribution Director for Retail Mortgages at Shawbrook, said: “While demand is low, now is a good opportunity for buyers to seek better deals, particularly as affordability remains an issue. In the coming months, while the property market adopts a ‘wait-and-see’ mindset, buyers would benefit from using this time to speak with a broker and assess the best options going forward.”

Rightmove’s latest figures suggest the market is entering a more balanced phase, with sellers facing increased competition and buyers becoming increasingly price-sensitive as affordability constraints persist.