29 May

UK property prices up in May

UK property prices up in May

Property prices in the UK have increased in May, according to Nationwide Building Society's latest index.

The average value of a home in the country this month was £154,016, the research reveals.

This is a 1.2 per cent increase on April's figure, and marks the second time in the last three months that the index has recorded an upturn in the cost of housing.

With the value of property apparently heading in an upward direction, sellers could be tempted to put their bricks and mortar on the market. Indeed, Land Registry figures - due to be released on Monday June 1st - will show which regions are the most expensive.

However, Nationwide's chief economist Martin Gahbauer warned that similar patterns were recorded in the economic downturn of the early 1990s, and prices could easily fall again in the coming months.

"Although the short-term trend in house prices has clearly improved from where it was at the beginning of the year, it is still too early to say that the market is turning definitively," he explained.
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