5/31/2018, 8:05 AM (Source: TeleTrader)
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Annual UK house price growth slows to 2.4% in May

The price of houses in the United Kingdom slowed down to 2.4% in May on an annual basis, according to the Nationwide House Price Index published on Thursday. Compared to the previous month, prices decreased 0.2%. The survey recorded modest levels of both supply and new buyer inquiries. The average house price in the UK in May was £213,618 compared to £213,000 in April.

“Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labor market, but also with respect to interest rates. Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low. Overall, we continue to expect house prices to rise by around 1% over the course of 2018," the report stated.

Baha Breaking the News (BBN) / DJ