LONDON (dpa-AFX) - UK house prices rebounded unexpectedly in May, data from Nationwide Building Society showed Monday.
House prices grew 0.5 percent on a monthly basis, in contrast to the 0.6 percent fall in April. Prices were expected to remain flat.
Year-on-year, house price growth edged up to 3.5 percent from 3.4 percent in April.
Nationwide's Chief Economist Robert Gardner said there was a notable increase in housing property transactions in March as buyers brought forward their purchases to avoid stamp duty costs.
Nonetheless, mortgage approvals data suggests that market activity appeared to be holding up well following the end of the stamp duty holiday, the economist said.
Despite wider economic uncertainties in the global economy, underlying conditions for potential home buyers in the UK remain supportive, Gardner said.
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