Nationwide's House Price Index for May

Nationwide's latest House Price Index reports a rise of 0.3% in May, slowing the annual growth rate to 4.6% from 5.2% in April.

Robert Gardner, Nationwide's Chief Economist, commented:

“This resumes the gradual downward trend that had been in evidence since the summer of 2014, which was briefly interrupted in April when price growth edged up to 5.2% from 5.1% in March. Annual house price growth is now running at less than half the pace prevailing in mid-2014." 

“Over the longer term we would expect house price growth to converge with earnings growth, which has typically been around 4% per annum. However, much will depend on supply side developments - in recent years the rate of building activity has remained well below that required to keep up with population growth." 

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