UK house prices rise for first time in three months as market stabilises

According to Jin10, the National Building Society said that UK house prices rose for the first time in three months, a sign that the market is stabilizing amid high borrowing costs. The Nationwide house price index rose 0.4% month-on-month in May, higher than the expected 0.2%, which was also the strongest reading since February. With people expecting the Bank of England to cut interest rates, home buyers are cautiously returning to the market. Robert Gardner, chief economist of Nationwide, said that consumer confidence has improved significantly in the past few months, mainly due to solid wage growth and low inflation.