House prices climb 11% in a year

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House prices have leapt by 11.1% over the last year in the strongest annual growth seen since June 2007, building society Nationwide has reported.

The report covering May also marks the second month in a row where annual growth in property values has hit double digits, following a 10.9% year-on-year uplift in April.

But on a monthly basis, prices rose by 0.7% in May, which represents a slowdown compared with the 1.2% monthly increase seen in April.

 

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