UK DATA:Nationwide: House Market Remains Lackluster Through May
–Nationwide: UK May House Prices +0.3 M/M; -1.2% Y/Y
UK house prices remained lackluster through May, rising 0.3% on the
month to a level 1.2% lower than the same month of 2010, according to
the latest Nationwide house price index. Nationwide said that the
3-month on 3-month rate of increase was little changed at 0.6% compared
with the 0.7% rate seen through April. Commenting on the figures, Robert
Gardner, Nationwide’s Chief Economist, said:”House prices increased by
0.3% in May, only just offsetting the 0.2% fall recorded the previous
month, and leaving prices 1.2% below the level prevailing in May 2010.
“Overall, the modest pace of house price growth in May suggests
that the property market is continuing to mirror the lacklustre trends
evident in the wider economy”.