7 June 2010

The latest report released by the Nationwide Building Society has shown that there was a 0.5% increase in house price in May, when compared with April.

This indicates that the annual rate of house price inflation has fallen slightly to 9.8% from 10.5%. The average home in the UK now costs £169,162, which is £15,000 more than this time last year. The Nationwide figures reveal that the average price of a UK property is now just 9.5% below the peak seen in Autumn 2007.

Martin Gahbauer, commented: “Housing market conditions remain characterised by thin transaction volumes and a relative scarcity of properties for sale, despite a slow return of more sellers in recent months. The current supply-demand balance on the market is still consistent with relatively stable to modestly upward trending prices.”

House values have now increased in 12 of the past 13 months, as the UK housing marketing continues its steady recovery.

Source: Homemove

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