House prices increased by 0.4 percent in the UK in May in a modest ‘rebound’ for the property market, Nationwide has said.
Annually, house price growth has seen a 1.3 percent uptick since last April, with prices now averaging £264,249, up from £261,962.
Commenting on the figures, Robert Gardner, Nationwide’s chief economist, said: “UK house prices increased by 0.4 percent in May, after taking account of seasonal effects.
“This resulted in a slight pickup in the annual rate of house price growth to 1.3 percent in April, from 0.6 percent the previous month.
“The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates in recent months.
“Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation.”
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