2 June 2005
UK house prices rose by 0.3 per cent in May and by 5.5 per cent for the year, the Nationwide building society said today.
Nationwide group economist Fionnuala Earley said: “This continues the trend witnessed since the start of the year and is consistent with Nationwide's view that the market is cooling gradually.”
Although May's figures are marginally slower than April's 0.9 per cent rise, the second straight rise in as many months suggests a residential property market recovery from its low at the end of last year.
The average UK home now costs £157,272, up from 156,128 in April.
Lending figures from the bank of England yesterday also point to a recovering market; 95,000 home loans were approved by UK mortgage lenders in April.
Lenders point to the decisive beneficial effect of the Bank of England's decision to hold interest rates at 4.75 per cent.
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