UK house prices see modest rise, says Nationwide BS.

UK house prices recorded a “modest” rise in May, increasing by 0.4%, according to the latest survey from the Nationwide building society.

It said the increase provided further support for “the view that the housing market is gradually gaining momentum”.

The annual rate of price growth rose to 1.1%, the fastest pace since November 2011.

The increases mean that the average house now costs £167,912,

Regional house price differences:

London: up 6.2%
South West of England: up 0.3%
East of England: 0.7%
North West of England: down 3.7%
South East of England: up 1.4%
Yorkshire and Humber: down 1.2%
West Midlands: up 0.5%
Wales: down 2%
East Midlands: down 1.2%
North East of England: down 5.7%
Source: Land Registry. Annual change to end of April