Property prices rise in May

29-May-2009

Property prices increased by 1.2 per cent month-on-month in May, new research has revealed.

According to Nationwide Building Society's monthly index, the average cost of housing in the UK now stands at £154,016.

Land Registry figures for England and Wales, which are due to be released on Monday, may indicate different trends, but the latest survey shows that year-on-year the price of a home is 11.3 per cent down.

Casting aside mortgage issues, it can be said that there is more affordable housing - in terms of actual price - than there was 12 months ago.

Martin Gahbauer, Nationwide's chief economist, said: "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 added that the economic crisis of the early 1990s also showed similar house price patterns - with fluctuations in the cost of housing not uncommon during that tough period in Britain's history.

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