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House prices up 0.3% in May

House prices rose by 0.3 per cent in May, according to the latest house price index from Nationwide.

On a quarterly basis, prices rose by 0.6 per cent compared to the previous quarter, making the average house price £167,208.

However, prices dipped 1.2 per cent on an annual basis.

Nationwide chief economist Robert Gardner says: “Overall, the modest pace of house price growth in May suggests that the property market is continuing to mirror the lacklustre trends evident in the wider economy.”

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