UK house prices continued to log double-digit annual growth in May underpinned by the improvement in the labor market, data from the Nationwide Building Society showed on Wednesday.
House prices grew 11.2 percent on a yearly basis in May, following the 12.1 percent increase in April. Nonetheless, the annual growth was faster than the economists' forecast of 10.5 percent.
On a monthly basis, house price inflation more than doubled to 0.9 percent from 0.4 percent. Prices increased for the tenth consecutive month. Economists had expected a monthly rate of 0.6 percent.
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by Renju Jaya
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