Creeping back up

They’re up a bit, then down a bit, now they’re up again. Sounds like an old person trying to scratch their back, but actually we’re talking about house prices, which in May crept up so as to cancel a recent drop.

House prices increased by 0.3% in May, a figure which offset April’s 0.2% fall. So in the last 12 months house prices have risen in five months, whilst staying the same in three and falling in four.

Robert Gardner, Nationwide's chief economist, said: '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.'

Nationwide group said that house prices are unlikely to very significantly change during the course of the year.

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