House prices continue to rise in May
first-time buyers are being told that the cost of a purchasing a new home has gone up.
Figures from Nationwide showed a month-on-month increase of 0.5 per cent in May, following a 1.1 per cent increase through April.
In addition, the data revealed that the cost of buying a property for new buyers has jumped 12.2 per cent since February 2009.
Nationwide's chief economist Martin Gahbauer said that prices are now less than ten per cent below their October 2007 peak.
This follows figures from the Land Registry that highlighted the greater expense of buying a new home in London, with the average cost being more than twice that of the rest of the UK.
News of a house price increase of more than 12 per cent might encourage more people to consider looking for property to rent in the London borough of Wandsworth or elsewhere in the country.
By Ben Carter
Published 3rd June, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Wandsworth or elsewhere in the country after new house price figures revealed a 12.2 per cent rise in just over a year.