Annual house prices higher in May

House prices crept up again in May, with Nationwide reporting annual growth of 3.5%, slightly above April’s 3.4%. Prices also rose 0.5% month on month, once seasonal factors were taken into account.

 There was a surge in property transactions in March, as buyers rushed to complete purchases ahead of higher Stamp Duty charges. The number of owner-occupier completions was double the usual level and the highest since June 2021. Despite the end of the Stamp Duty holiday, Nationwide believes the housing market is holding up well. Mortgage approvals remain steady and the backdrop for buyers is still broadly supportive. Lower interest rates in the months ahead could help ease borrowing costs further.

 Your home may be repossessed if you do not keep up repayments on your mortgage

Source: https://www.nationwidehousepriceindex.co.uk/reports/annual-house-price-growth-edged-higher-in-may

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