House prices in the UK resume upward trend

According to the Nationwide building society, house prices across the UK are resuming an upward trend.Between March and April, house prices rose by 1%. The average house price is now £193,048 which is the first time prices have exceeded £190,000. The annual pace of growth also rose to 5.2%, which is the first time the figure has increased in seven months.The rise in prices also coincides with the increase in the number of mortgage approvals that were reported by the High Street banks this week. The British Bankers’ Association (BBA) said approvals were now at their highest level for six months, although still 14% down on their recent peak in March 2014.Nationwide’s chief economist, Robert Gardner, said “The pick-up in price growth has occurred even though the pace of activity in the housing market has remained fairly subdued in recent months.”The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with residential property solicitors in Guildford and across the country.