House prices crept up again in May, with Nationwide reporting annual growth of 3.5%, slightly above April’s 3.4%. Prices also rose 0.5% month on month, once seasonal factors were taken into account.
There was a surge in property transactions in March, as buyers rushed to complete purchases ahead of the introduction of higher Stamp Duty charges. The number of owner-occupier completions was double the usual level and the highest since June 2021. Despite the end of the Stamp Duty holiday, Nationwide believes the housing market is holding up well. Mortgage approvals remain steady and the backdrop for buyers is still broadly supportive. Lower interest rates in the months ahead could further ease borrowing costs.
Your home may be repossessed if you do not keep up with repayments on your mortgage
Source:
https://www.nationwidehousepriceindex.co.uk/reports/annual-house-price-growth-edged-higher-in-may
https://www.zoopla.co.uk/discover/property-news/house-price-index/
