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Nationwide comment on UK prices

Friday, June 04, 2010

Source: Catherine Deshayes

The latest house price index from the Nationwide Building Society has revealed a 0.5% rise for the month of May compared with April...

The latest house price gain means the annual rate of house price inflation fell slightly to 9.8% from 10.5%, with the average UK home costing £169,162 - £15,000 more than this time last year.

According to the Nationwide, the average price of a property in the UK is now just 9.5% below the peak recorded in autumn 2007.

Prices have now increased in 12 of the last 13 months - something which has taken many experts by surprise.

Meanwhile, commenting on the figures, Nationwide's chief economist Martin Gahbauer, said: "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," he added.

Source: www.homemove.co.uk