House prices rise by 0.3% in May

House prices rose by 0.3% in May, according to Nationwide’s House Price Index. On the three month on three month measure, prices rose by 0.6%. Price of a typical home in May is 1.2% lower than one year ago.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "House prices increased by 0.3% in May, only just offsetting the 0.2% fall recorded the previous month, and leaving prices 1.2% below the level prevailing in May 2010. 

"At 0.6%, the three month on three month measure of house prices was little changed from the 0.7% pace of increase recorded in April.

"Overall, the modest pace of house price growth in May suggests that the property market is continuing to mirror the lacklustre trends evident in the wider economy.

For more information, visit nationwide.co.uk.