The average UK house price saw a modest bounce back in May after two months of falls in what experts called a sign of market “resilience”, according to an index.
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.It comes after slight increases in mortgage rates since the start of the year slowed the housing market through March and April.
Earlier this week a separate index, by property website Zoopla, showed that Britain’s supply of homes for sale is at its highest point in eight years, in a trend which experts said will limit house price rises for the rest of 2024. Anna Clare Harper, CEO of sustainable investment adviser GreenResi, says: “The question everybody is asking is what impact will the election – and its results – have on the property market.
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House prices make modest rebound in May as confidence improves, says NationwideThe rise comes after slight increases in mortgage rates since the start of the year slowed the housing market through March and April.
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