Average house prices higher now than ever before

The average price of a house is now higher than ever before according to a new survey.

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House prices rise for 13 months in a row

Nationwide report showing property prices have risen by 11.1% over the last year also marks the second month in a row where annual growth in property values has hit double digits, following a 10.9% year-on-year uplift in April.

House prices have leapt by 11.1% over the last year in the strongest annual growth seen since June 2007, Nationwide has reported. Credit: PA

But on a monthly basis, prices rose by 0.7% in May, which represents a slowdown compared with the 1.2% monthly increase seen in April.

Property values have now been edging up for 13 months in a row on a month-on-month basis. Across the UK, average house prices now stand at £186,512.

Robert Gardner, Nationwide's chief economist, said it is "too early" to say whether the housing market is seeing the start of a cooling trend.

Mr Gardner said some signs of a slowdown may partly be due to toughened mortgage lending rules introduced in April, "which may take a few months to bed down".

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Average house prices in the South rocket

The average price of a house is now higher than ever before according to a new survey.

The building society Nationwide says the average cost of a home in the UK is now more than £186,000 which is 11% higher than this time last year.

In the South, the average price is more than £217,000 pounds.

We spoke to Robert Gardner, Chief Economist from Nationwide.

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