Sun. Jul 14th, 2024

UK house prices return to growth as market ‘shows signs of resilience’ | Housing market

By Vaseline May31,2024

House prices in Britain started growing again in May, amid signs of ‘resilience’ in the market after two months of falls, a building society said.

The average property price in Britain rose 0.4% month-on-month to £264,249, following a similar 0.4% fall in April, Nationwide said.

The annual growth rate more than doubled from 0.6% in April to 1.3% in May.

Robert Gardner, chief economist at Nationwide, said: “The market appears to be showing signs of resilience in the face of continued affordability pressures from the rise in longer-term interest rates in recent months.

“Consumer confidence has improved noticeably in recent months, supported by solid wage growth and lower inflation.”

More details coming soon…

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