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Financial News: UK House Price Growth Accelerates In May

UK House Price Growth Accelerates In May

09/02/2020 - 07:39:00 (RTTNews)

(RTTNews) - UK house prices increased at a faster pace in May, data from the Office for National Statistics showed Wednesday.

House prices advanced 2.9 percent on a yearly basis, following April's 2.7 percent increase.

The average house price was GBP 236,000 in May, which was GBP 7,000 higher than in May 2019.

In London, prices were up 3.3 percent from a year ago. London house prices remained the most expensive at an average of GBP 479,000.

On a non-seasonally adjusted basis, average house prices grew 0.3 percent in May from April, compared with an increase of 0.1 percent in the same period a year ago.

Data released earlier in the day by the Nationwide Building Society showed that house prices advanced 2 percent on month in August, faster than the 1.8 percent rise seen in the previous month. This was also the fastest growth since February 2004.

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