House prices up in May - buy to let mortgages

29 May 2009

The average price of property went up in May, according to the latest figures released by Nationwide Building Society.

Landlords with buy to let mortgages may have seen the value of their property portfolios increase at the same time.

Nationwide revealed that the average cost of a home in the UK is now £154,016 - a 1.2 per cent increase on April's figure.

It is the second time in three months that the building society's house price index has recorded a monthly upturn in the value of housing.

Landlords and other homeowners will be able to find out the geographical breakdown of property prices for April when the Land Registry publishes its latest England and Wales house price figures on Monday.

Martin Gahbauer, Nationwide's chief economist, said: "Although the short-term trend in house prices has clearly improved from where it was at the beginning of the year, it is still too early to say that the market is turning definitively."

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