Good news for the Estate Agents and the housing marketing as UK house prices rose by 2.6% in May compared with April but activity remains low in the market, according to the latest survey from the Halifax. The lender, now part of the Lloyds Banking Group, warned against placing too much weight on one month's figures. The rise came after three successive months of property price falls, it said. The annual rate of decline has now eased to 16.3% from 17.7% in April.
The average UK home now costs £158,565, the figures showed. Prices in the last three months compared with the previous three months are generally regarded as a less volatile measure of the housing market. "There are some tentative indications of a possible stabilisation in activity, albeit at a low level," said Nitesh Patel, the group's housing economist.
"It is always important not to place too much weight on any one month's figures. Historically, house prices have not moved in the same direction month after month even during a pronounced downturn." He pointed to the fall in house prices of 11% during 1991 and 1992, during which time there were still five monthly price rises.
The Bank of England reported earlier in the week that the number of new mortgages approved for home buyers in the UK had risen in April for the third month in a row.
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