The results of a new survey have found that house price inflation is continuing to rise.

According to the results of a recent survey by Nationwide Building Society, house price growth over the course of May grew at a rate of 0.5 per cent, pushing the annualised level to 10.3 per cent.

"Today's report gives no indication the [Bank of England's] campaign is beginning to weigh on the market," said Richard McGuire, a strategist at RBC.

"We suspect the Bank will continue to raise rates until it sees some form of discernible weakness in the housing sector," he added.

Indeed, although the monthly rate of house price inflation is lower than last month's rate of 0.9 per cent, the annualised rate in April was 10.2 per cent.

In April, house prices in London grew at a rate of 2.3 per cent.


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Author:  Joanne McCabe

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