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UK house prices up in May

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UK house prices up in May

Findings of new research may highlight why individuals and businesses remain so keen to transfer money to the UK, as the country's house prices are performing well.

According to the latest Halifax House Price Index, the cost of a home in the three months to May was up by 0.8 per cent when compared with the previous quarter.

This means the average price of a house in the UK has gone up in both of the last two quarters, which may mean making an investment in property is as appealing as ever.

Housing economist for Halifax Martin Ellis stated this is a measure of the underlying trend for house prices in the UK, although he conceded the monthly figures are more "volatile".

There was a rise of 0.5 per cent in the figures for May alone, which go some way to balancing out the 2.3 per cent fall recorded in April, although prices were up by 2.2 per cent in March as many buyers were rushing to beat the deadline for the end of the stamp duty holiday.

"Whilst there has been a modest improvement in the trend for house prices recently, the current average UK price is very similar to the levels both a year ago and at the beginning of this year. We expect this situation to continue with prices likely to still be around today's levels at the end of 2012 as the ongoing tough economic environment constrains housing demand," said Mr Ellis, who added the end of the stamp duty holiday has had an impact on the level of sales in the UK.

Earlier in the year, a report from Lloyds TSB indicated that the UK has one of the best performing property markets in the world, with figures showing house prices in Britain have gone up by 50 per cent since 2001.

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