UK house prices returned to growth in May amid signs of market “resilience” after two months of falls, according to a building society.
The average property price in Britain rose 0.4% month on month to £264,249, after a similar-sized fall of 0.4% in April, Nationwide said.
The annual rate of growth more than doubled to 1.3% in May, from 0.6% in April.
Robert Gardner, Nationwide’s chief economist, said: “The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer-term interest rates in recent months.
“Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation.”
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