House prices edge back up as market begins rebound

UK house prices have experienced a modest rebound, increasing by 0.4% in May, according to Nationwide. Annually, house price growth has seen a 1.3% uptick since last April, with prices now averaging £264,249. Robert Gardner, Nationwide's chief economist, said: “The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates in recent months. Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation.” 

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