Why house prices are on the rise again
UK house prices increased by 0.5% in May, reversing the 0.6% decline in April, according to Nationwide Building Society.
The average UK house price reached £273,427 in May, with an annual increase of 3.5%, slightly higher than April's 3.4%.
Nationwide's chief economist, Robert Gardner, cited "supportive" underlying conditions for buyers, including low unemployment and rising earnings.
A stamp duty holiday ended in March, leading to a rush of sales before the deadline and a subsequent 64% drop in house sales in April, according to HMRC figures.
Experts suggest that despite the stamp duty changes, the market remains active, with lenders trimming mortgage rates and an increase in property listings providing opportunities for buyers.
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