UK house prices edge up by 0.3% in May say Nationwide

UK house prices edge up by 0.3% in May say Nationwide

The Nationwide House Price Index has been released today.  It shows that the price of a typical house rose by 0.3% in May, with the average house price now £166,022.  
Prices are 0.7% lower than the same time last year.  
Robert Gardner, Nationwide Chief Economist commented:
“The Nationwide House Price Index has reached an important milestone; it was first introduced in 1952, and has therefore run for the Queen’s entire reign.  According to our data the average house price has increased from £1,891 to £166,022 during the Queen’s reign, that’s almost an 88 fold increase over the 60 year period, while the cost of goods and services have recorded a more modest 25 fold increase.
“Over the last eighteen months house prices have been fairly stable, despite the challenging economic backdrop.  May’s data provides some comfort that this pattern is being maintained.  Demand for homes remains subdued on the back of weak labour market conditions, but the lack of homes coming onto the market is providing support for prices.”
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