David ConnettHouse prices enjoyed a spring bounce in May with buyers’ confidence boosted by rising wages and the prospect of interest rate cuts later in the year.Nationwide Building SocietyThe rise leaves the average house price at £264,249. The annual rate of growth more than doubled to 1.3 per cent in May, from 0.6 per cent in April.
Nationwide said the housing market was showing resilience with prices rising even though a number of banks and building societies raised mortgage rates this spring. “Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation.”Mr Gardner said: “On the whole, prevailing trends have been maintained just before, during and after UK general elections. Broader economic trends appear to dominate any immediate election-related impacts.
Marc von Grundherr, of Benham and Reeves, said: “Not only are house prices up year on year, but this rate of growth has started to accelerate as the UK property market picks up the pace during its busiest time of year.
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