29
May
UK property prices up in May
Property prices in the UK have increased in May, according to
Nationwide Building Society's latest index.
The average value of a home in the country this month was
£154,016, the research reveals.
This is a 1.2 per cent increase on April's figure, and marks the
second time in the last three months that the index has recorded an
upturn in the cost of housing.
With the value of property apparently heading in an upward
direction, sellers could be tempted to put their bricks and mortar
on the market. Indeed, Land Registry figures - due to be released
on Monday June 1st - will show which regions are the most
expensive.
However, Nationwide's chief economist Martin Gahbauer warned that
similar patterns were recorded in the economic downturn of the
early 1990s, and prices could easily fall again in the coming
months.
"Although the short-term trend in house prices has clearly improved
from where it was at the beginning of the year, it is still too
early to say that the market is turning definitively," he
explained.
