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6/1, 8:01 AM (Source: TeleTrader)
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UK annual house price growth surges to 10.9% in May

The United Kingdom's annual housing price growth was reported at 10.9% in May, the highest level in seven years, the Nationwide House Price Index showed on Tuesday. On a monthly basis, prices were up 1.8% following a 2.3% increase last month.

The average house price in May was a record £242,832, up £23,930 over the past 12 months, according to the report.

"Further ahead, the outlook for the market is far more uncertain. If unemployment rises sharply towards the end of the year as most analysts expect, there is scope for activity to slow, perhaps sharply, though even this could potentially be offset by ongoing shifts in housing preferences, if current trends are maintained," Nationwide's Chief Economist Robert Gardner said in a statement.

Breaking the News / JC