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May house prices cool off

Thu, 01 Jun 2006
UK house price growth was "sluggish" in May, according to the latest survey from the Nationwide Building Society .

Prices rose by only 0.2 per cent this past month, pulling back the annual rate of house price inflation from 4.8 per cent in April to 4.7 per cent in May.

Nationwide reports that the higher money market interest rates are now beginning to have a knock-on effect with mortgage costs .

Fionnuala Earley, Nationwide's group economist said, "House price growth was sluggish for the second month in a row with prices rising just 0.2 per cent in the month, marginally up on the 0.1 per cent increase in April but down significantly on March's strong 1.1 per cent gain.

"The annual rate of house price growth slowed slightly in May to 4.7 per cent," she continued.

"The price of a typical house in the UK is now £164,632, almost £7,500 more than at this time last year. This is equivalent to a price increase of just over £20 per day over the last twelve months," she added.

Ms Earley said, "Although there had been much talk of house price inflation recently, the facts pointed to a dampening of demand for mortgage products as the rising money market interest rates would put prospective buyers off for the time being."
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