House prices £15,000 up on 2009

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Property prices have risen 0.5% in May, producing annual growth of nearly 10%, according to the Nationwide House price index.

The rate of price growth is still slowing from 1.1 % in April, but the average house price is £169,162, which is a rise of £15,000 year-on-year. Martin Gahbauer, Nationwide's chief economist, said: "The strong rebound in house prices over the last year has taken place within the context of a subdued mortgage market, with the number of mortgage advances across the industry still well down on precrisis ‘norms.' A natural question which therefore arises is whether cash buyers have helped to boost the market and bid up prices?" Howard Archer, chief UK + European economist, HIS Insight, s...

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