United Kingdom: Home prices rise again in May
May 30, 2013
The recovery in the housing market seems to be gathering steam. In May, the price of a typical home in the U.K. rose 0.4% over the previous month, according to data published by the Nationwide Building Society (NBS). The figure marks an improvement over the revised flat reading seen in April (previously reported: -0.1% month-on-month).
Nationwide highlighted that not only prices are trending higher, but "a number of measures of housing market activity have also started to move higher. In the first four months of 2013 the number of property transactions was running at around 5% above the monthly average prevailing in 2012. The number of mortgage approvals for house purchase in the first quarter of 2013 was also around 4% above last year's monthly average".
Building on the relatively strong monthly increase, home prices are now 1.1% higher than in the same month last year, which represents an improvement over the 0.9% rise observed in April and marks the largest annual rise seen in 18 months.