UK House Prices Bounce Back in May

British house prices increased by 0.4% in May after seeing declines in the previous two months, according to data from mortgage lender Nationwide. Despite recent surges in borrowing costs, the property market has shown resilience. This rise exceeded economists' expectations, who had anticipated a 0.1% growth.

British house prices rose in May after falling in the previous two months as the property market withstood the rise in borrowing costs in recent months, figures from mortgage lender Nationwide showed on Friday.

Prices rose by 0.4% from April, the data showed.

Economists polled by Reuters had mostly expected a 0.1% monthly increase.