UK house prices were 11.2% higher in May than a year earlier but the annual pace of growth is slowing, new data from Nationwide suggests.
In April, average property values in Britain rose by 12.1% year-on-year, according to the building society's latest housing index. Prices also increased by 0.9% month-on-month in May, taking the average house price to £269,914.
Robert Gardner, Nationwide’s chief economist, said demand was being supported by strong labour market conditions, as the country's unemployment rate falls towards a 50-year low, and with the number of job vacancies at a record high.
