Nationwide sees a ‘Modest’ increase in UK House Prices

Nationwide HPI

 Key facts from the Nationwdie May HPI:

  • Price of a typical home increased by 0.4% in
    May and was 1.1% higher than May 2012
  • The typical UK home is now worth £167,912

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:

“House prices edged up by 0.4% in May, providing further support for the view that the housing market is gradually gaining momentum. The three month on three month measure of house prices, which is a smoother measure of the underlying trend, has been in positive territory since October last year. The annual rate of house price growth also ticked up to 1.1% in May – the fastest pace since November 2011.

“It’s not just prices – a number of measures of housing market activity have also started to move higher. In the first four months of 2013 the number of property transactions was running at around 5% above the monthly average prevailing in 2012. The number of mortgage approvals for house purchase in the first quarter of 2013 was also around
4% above last year’s monthly average.

Alec Hanson

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