Financial News: UK Nationwide House Prices Recover In May

UK Nationwide House Prices Recover In May

05/31/2024 - 04:09:00 (RTTNews)

(RTTNews) - UK house prices increased in May after two consecutive falls as the housing market showed signs of resilience amid ongoing affordability pressures, the Nationwide Building Society said on Friday.

House prices gained 0.4 percent month-on-month in May, offsetting April's 0.4 percent decrease. House prices were forecast to climb 0.1 percent.

As a result, the annual increase in house prices more than doubled to 1.3 percent from 0.6 percent in April.

The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates in recent months, Nationwide's Chief Economist Robert Gardner said.

Gardner noted that stronger wage gains and lower inflation has lifted consumer confidence over the past few months.

Regarding the impact of general election on the housing market, Gardner said for most homebuyers, elections are not foremost in their minds while buying or selling property.

The Bank of England is set to publish mortgage approvals data for April later on Friday. Economists forecast approvals to rise to 61,500 from 61,300 in March.

In May, the<a href=https://www.rttnews.com/3446740/bank-of-england-moves-closer-to-rate-cut.aspx target=_blank > BoE</a> had kept its interest rate unchanged for the sixth straight meeting at 5.25 percent, which was the highest since early 2008. The bank also signaled that the first rate cut since 2020 is on the horizon.

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