31 May 2012
- Nationwide House Price Index shares an anniversary with the Queen as it marks its 60th year
- The price of a typical UK house rose by 0.3% in May
- Prices 0.7% lower than one year ago
- Price of a typical home is now £166,022
(not seasonally adjusted)
* Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:
"The Nationwide House Price Index has reached an important milestone; it was first produced in 1952, and has therefore run for the Queen's entire reign. According to our data the average UK house price has increased from £1,891 to £166,022 during the Queen's reign, that's almost an 88 fold increase over the 60 year period, while the cost of goods and services have recorded a more modest 25 fold increase."
"Dramatic increases might be expected over such a long timeframe, but over the last eighteen months, house prices have been fairly stable, despite the challenging economic backdrop."