Property prices climbed by 0.4% in May 2013.
- Property prices rose by 0.4% in May
- They rose by 1.1% from May 2012
- The average price of a house in the UK is £167,912
The cost of buying a home in the UK rose by 0.4% between April and May this year.
Nationwide yesterday reported (May 30th) its monthly house price index, which revealed the typical price of a property in the country is currently £167,912, an increase from £165,586 from last month.
Robert Gardner, Nationwide’s Chief Economist, said these results show that the housing market is “gaining momentum”.
He stated: “There has been an improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures, such as the Funding for Lending Scheme. Indeed, mortgage rates have fallen back towards all time lows in recent months.”
May’s figures also reveal an annual increase of 1.1%, and Mr Gardner commented that this was the fastest year-on-year rise since November 2011. He also stated house prices have been in the positive territory since October 2012, while property transactions are typically 5% above the monthly average last year.
Last month, house prices rose by 0.9% year-on-year from April 2012.
Mr Gardner also predicted that improvements in the wider economic conditions in 2013 will boost sentiment with regards to the UK housing market.