3 Jun

House prices 'rose in May'

House prices 'rose in May'

The value of properties in the UK rose last month, new figures produced by Nationwide reveal.

According to the firm, there was an average increase in the price of homes of 0.5 per cent in May compared with April.

It also noted that the annual rate of house price inflation was 9.8 per cent over the 31-day period.

Nationwide suggested that the typical value of a dwelling stood at £169,162 last month, which was up from the £167,802 registered in April.

Responding to the findings, chief executive at the firm Martin Gahbauer said: "Following a drop of 19.3 per cent from their October 2007 peak - house prices have risen by 12.2 per cent and are now just 9.5 per cent below the October 2007 peak."

Meanwhile, the Land Registry recently showed that the average value of homes in England and Wales in March was up 9.7 per cent compared with the same period last year.

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