Nationwide today reported a 1.2% rise in house prices throughout the month of May, the second rise in three months. The average house price is still 11.3% lower than a year ago although this marks a significant improvement from the annual decline of 15%. A more accurate short term change indicator is the three month on three month rate of change, shows an increase from -3.0% in April, to -0.5% in May.
Nationwide reports that short term house prices have clearly improved from where it was at the beginning of the year, it is still too early to definately say that the market is turning. Nationwide gives examples of during the 1990's where house prices rose and fell during various months. However, the overall indication is that the signs of improvement is consistent with indications of stabilisation in other markets.
CPS Homes are pleased to be keeping landlords, investors and homeowners in Cardiff up to date with developments in the housing market.