House prices rise in new survey

by Christopher Evans

UK house prices rose by 2.6 per cent in May, a new survey has indicated.

The Halifax index for last month indicated the increase in the average value of a home, the first positive reading from the survey since January.

Economist at the lender Nitesh Patel warned against reading too much into the results of one month's survey, commenting: "Historically, house prices have not moved in the same direction month after month even during a pronounced downturn."

He cited the example of the 1991 to 1992 downturn, when there were five months with positive price trends yet the overall average fell 11 per cent.

However, the figures may provide a positive indicator in view of the fact that Nationwide's May figures also showed a rise, up 1.2 per cent.

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Published on: June 4, 2009

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