May 29, 2009

Home prices rise in Britain

The average price of homes in Britain rose in May for the second time this year, having also risen in March, the country's largest building society said.

The average home price rose 0.9 percent in March. In May, home prices rose 1.2 percent to $248,372, Nationwide Building Society said.

Nationwide Chief Economist Martin Gahbauer said: The short-term trend in house prices has clearly improved from where it was at the beginning of the year, the Daily Telegraph reported Friday. However, it is still too early to say that the market is turning definitely.

Economist Howard Archer at Global Insight said he expected housing prices have some way to fall.

However, we do expect the rate of decline to moderate over the coming months, he said.