May 31, 2011 | Author

Author Alec Hanson

The Nationwide reported a small rise in house prices of 0.3% during the month of May.

This places the average UK House Price at £167,203 but represents a fall of -1.2% since the same time last year.

The more stable three month on three month indicator shows a slightly higher rise of 0.6%.

Commenting, Robert Gardner, Nationwide’s Chief Economist said:

“Overall, the modest pace of house price growth in May suggests that the property market is continuing to mirror the lacklustre trends evident in the wider economy.”

“Despite recent increases in employment, household budgets remain under pressure, with debt levels still high and inflation rising almost twice as fast as wages.

“Although the house price to earnings ratio is well below the peak levels seen in 2007, it is still above its long-term average.

Indeed this relects the continuing flat market with monthly increases followed by monthly falls.

For more information and in depth figures from Natinwide, view the full press release: http://www.nationwide.co.uk/hpi/historical/May_2011.pdf