Nationwide: House prices increased during May

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Nationwide: House prices increased during May

The average price of a property in the UK rose by 1.2 per cent during the month of May, according to new figures from Nationwide.

In April, the average house price according to the bank was £151,861, whereas in May this figure rose to £154,016.

Compared to May 2008, house prices are down by this month, 11.3 per cent, though this percentage was 15 per cent in April.

Martin Gahbauer, chief economist at Nationwide, commented: "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."

This news comes after figures from the Council of Mortgage Lenders revealed that house purchase lending was up by four per cent in March, compared to February this year.

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