House prices rose for the tenth consecutive month in May, but growth continued to slow as higher interest rates and falling wages fueled demand.
Prices rose 11.2 percent better than expected between last year and last month, down from 12.1 percent in April and a high of 14.3 percent in March. The average house price in the UK is now £ 269,914, according to the National Home Price Index.
Robert Gardner, chief economist at Nationwide, said the real estate market had maintained a surprising amount of momentum.
“Demand is supported by strong labor market conditions, where the unemployment rate has fallen to a minimum of 50 years, and with the number of vacancies in a