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Rise in house prices during May

Rise in house prices during May

Category: Mortgages

Updated: 30/05/2013
First Published: 30/05/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

UK house prices have continued their upward trajectory during the course of this month, rising by 0.4% to £167,912.

According to the latest House Price Index from Nationwide Building Society, the price of a typical home increased by 1.1% compared with May 2012, rising at the fastest rate since November 2010.

Demand and interest from prospective buyers also grew during the first quarter of 2013, largely as a result of record low mortgage rates entering the market through the Government's £80-billion Funding for Lending Scheme.

Transaction levels climbed to 5% above the monthly average, whilst approval levels increased to 4% above the monthly average.

Consumer confidence is thought to have bolstered in recent weeks following the news that the UK narrowly avoided falling into a triple-dip recession, as well as predictions from the Bank of England Governor, Mervyn King, that an economic recovery was "in sight".

Chief economist at Nationwide Building Society, Robert Gardner, said: "With the UK returning to growth in the first quarter of 2013, the improvement in wider economic conditions may also be
playing a role in boosting sentiment."

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