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UK house prices tick higher in May - Nationwide
(Sharecast News) - UK house prices edged higher in May despite wider economic uncertainties, according to data released on Monday by Nationwide. Prices rose 3.5% on the year, up from 3.4% growth April. On the month, house prices were up 0.5% in May following a 0.6% decline the month before.
The average price of a home stood at £273,427, versus £270,752 in April.
Nationwide chief economist Robert Gardner said: "Official data confirmed that there was a significant jump in residential property transactions in March, with buyers bringing forward their purchases to avoid additional stamp duty costs. Owner occupier house purchase completions were around twice as high as usual and the highest since June 2021 (which was also impacted by stamp duty changes).
"Nevertheless, mortgage approvals data suggests that market activity appears to be holding up well following the end of the stamp duty holiday. Despite wider economic uncertainties in the global economy, underlying conditions for potential home buyers in the UK remain supportive.
"Unemployment remains low, earnings are rising at a healthy pace (even after accounting for inflation), household balance sheets are strong and borrowing costs are likely to moderate a little if Bank Rate is lowered further in the coming quarters as we, and most other analysts, expect."
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