- 3 updates
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.
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".
House prices leapt by 11.1% over the 12 months to May to reach £186,512 on average across the UK, marking the fastest annual growth seen since June 2007, Nationwide Building Society has reported.
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.