British housing market defied odds of the economy tumbling to report a 10th successive monthly jump in prices in May.
- House prices continued to rise in May, reaching a yearly increase of 11.2% and driving up the average price to £269.914.
- Robert Gardner, chief economist at Nationwide, stated that despite the growing challenges due to high inflation, the housing market has maintained a surprising trend of momentum.
- Gardner further expects the housing market to ease off as the year progresses as inflation squeezes budgets and rising rates make mortgages less affordable.
The factors that led to the house price boom during the pandemic still remain in place. The recent trend of gains is the longest in six years.
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Source: Nationwide
