May has brought a surprise rise in house prices to the UK market of 0.4% according to Nationwide in a shock boost for sellers and lenders alike. This rise is caused by a combination of lower inflation and wage growth. The rise of 0.4% reverses the effects of a drop of 0.4% in April. The rise brings the average house price in the UK up from £261,962 to £264,249 giving sellers a boost.
Mortgage rates are currently remaining relatively high as the Bank of England remain cautious about cutting interest rates, something that was predicted to happen much sooner this year.