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House prices still on the up

House prices are almost 8 per cent higher than this time last year and are continuing to rise, according to figures from Nationwide.

Its monthly index shows average house price inflation shot up to 7.7 per cent in May from 6.6 per cent in April. House prices rose by 0.8 per cent last month, compared to a 0.3 per cent drop at the same time last year. The average price of a house is now £87,267.

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