Friday, May 27, 2011
Prices in the UK rose marginally, taking the average to Â£167,208
UK house prices rose very slightly by 0.3% in May, reversing the previous month's fall, according to the UK's biggest building society. The figures, which still cover the month even though they have come out a few days before the end of May, took house prices to an average of Â£167,208, compared with Â£165,609 in April, but they remain 1.2% down over the year. Robert Gardner, Nationwide's chief economist, pointed out that the three-month measure of house prices, up 0.6%, was very similar to the 0.7% measured last month, and added: "Overall, the modest pace of house price growth in May suggests that the property market is continuing to mirror the lacklustre trends evident in the wider economy."