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Financial News: UK House Price Growth Slows In May

UK House Price Growth Slows In May

05/31/2019 - 02:53:00 (RTTNews)

(RTTNews) - UK house prices increased at a slower pace in May, data from Nationwide Building Society showed Friday.

House prices grew 0.6 percent year-on-year in May, slower than the 0.9 percent increase seen in April. Economists had forecast a faster growth of 1.2 percent.

On a monthly basis, house prices dropped 0.2 percent, in contrast to a 0.3 percent rise a month ago. Prices were forecast to remain flat in May.

"Housing market trends are likely to continue to mirror developments in the broader economy," Robert Gardner, Nationwide's chief economist, said.

"While healthy labour market conditions and low borrowing costs will provide underlying support, uncertainty is likely to continue to act as a drag on sentiment and activity, with price growth and transaction levels remaining close to current levels over the coming months," Gardner added.

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