UK house prices edge up by 0.3% in May

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

Headlines May-12 Apr-12
Monthly Index* 327.8 326.9
Monthly Change* 0.3% -0.3%
Annual Change -0.7% -0.9%
Average Price
(not seasonally adjusted)
£166,022 £164,134

* 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."

Please note: If you are a customer looking for information on our products and services, please visit the main website.