Date issued: 29 May 2009
HOUSE PRICES RISE FOR SECOND TIME IN THREE MONTHS
- House prices rose by 1.2% in May
- Annual rate of decline improves sharply from -15.0% to -11.3%
- Low supply levels may explain some of the improvement in price trends
| Headlines |
May 2009 |
April 2009 |
| Monthly index * Q1 '93 = 100 |
304.6 |
300.9 |
| Monthly change* |
1.2% |
-0.3% |
| Annual change |
-11.3% |
-15.0% |
| Average price |
£154,016 |
£151,861 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:
The price of a typical house rose by 1.2% in May, providing further evidence of some improvement in housing market conditions over the last few months. At £154,016, the average house price is still 11.3% lower than a year ago, although this marks a significant improvement from the annual decline of 15.0% recorded in April. The 3 month on 3 month rate of change a smoother indicator of short-term price trends rose from -3.0% in April to -0.5% in May and now stands at its highest level since January 2008
For further information please see our May 2009 report (PDF 48KB).
