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Annual UK house prices surged by 10.9% in May, recording the fastest increase since August 2014, data published Tuesday by Nationwide showed. The average house price jumped to a new record of GBP 242,832 in May, with the market seeing "a complete turnaround over the past twelve months," Robert Gardner, Nationwide's Chief Economist said.
"While March's spike in transactions was driven by the original end date of the stamp duty holiday, a lot of momentum has been maintained.", Gardener noted. According to Nationwide research, the stamp duty holiday is not the main driver anymore.
Further ahead, the outlook for the market is far more uncertain, Gardner said. "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," he noted.
Source: Nationwide
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.