House prices 'on the up'

by Rachel Crook

New figures have indicated that UK house prices are rising again.

Nationwide's monthly figures for May showed a 1.2 per cent increase in the average price to £154,016, while the annual fall in prices was reduced from 15 per cent to 11.3 per cent.

Commenting on the news, Nationwide's chief economist Martin Gahbauer urged caution, noting that in the 1990s housing slump there were months when prices rose only to then fall back again.

"Nonetheless, an improvement in house price trends is consistent with signs of stabilisation in several other economic indicators," he added.

Nationwide's own statistics could reflect the kind of varying indicators of price mentioned by Mr Gahbauer.

March revealed a 0.9 per cent price rise following a 1.9 per cent drop in February, but was then followed by a 0.4 per cent drop in April.

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Published on: May 29, 2009

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