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House prices resume upward trend
House prices rose by 1.2 per cent in May sparking further hopes of recovery in the housing market, new figures from Nationwide revealed today.
It said the annual rate of decline fell by 11.3 per cent in May - an improvement from the 15 per cent drop seen in April.
The average house now costs £154,016, which is 11.3 per cent lower than a year ago, but is an improvement from the annual decline of 15 per cent seen in April.
Nationwide said the three-month on three-month rate of change – a smoother indicator of short-term price trends – rose from -3 per cent in April to -0.5 per cent in May and now stands at the highest level since January 2008.
Martin Gahbauer, Nationwide's chief economist, said: "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."
A survey by the Royal Institution of Chartered Surveyors earlier this month found that new buyer enquiries rose for the sixth consecutive month in April.