Residential conveyancing news: House prices ‘remain static’

Posted 26/05/2011

People who are looking for a conveyancing solicitor to help with the process of buying a home may be interested to hear that house prices in the UK have remained relatively static.

According to Nationwide’s latest monthly survey, the cost of buying residential property rose by 0.3 per cent in May, just offsetting a fall of 0.2 per cent that was recorded in April.

Chief economist at the group Robert Gardner stated that the lack of movement seen in recent months is a reflection of lacklustre growth across the economy as a whole.

The study found that the average abode now costs £167,208 – 1.2 per cent less than it would have done this time last year.

Commenting on the data, chief economist at RICS Simon Rubinsohn added: “A combination of factors including uncertainty over the outlook for the economy and an ongoing reluctance from the banks to make finance more readily is continuing to cast a pall over the sales market.”