Nationwides puts annual rise at 10.9%, its highest rate for seven years, as buyers look for gardens and bigger homes
Average house prices last month increased at their fastest annual pace for seven years, hitting 10.9% and pushing the average price of a house in Britain to a record high of £242,832, up nearly £24,000 over the past 12 months.
House prices rose on average by 1.8% in May, following a 2.3% rise in April, according to figures from mortgage lender Nationwide. The annual rate of increase rose from 7.1% a month earlier.
