Despite all predictions of a slowdown in property prices following successive interest rate hikes from the Bank of England, house prices increased by 0.5% in May. This took the annual growth rate to 10.3% which equates to the highest level for five months according to the Nationwide.
Despite the rate of the rise slowing from 0.9% in April, analysts are still a little surprised at the length of time it is taking for the rate rises and the increases in house prices to take effect and to slow the demand together with house price inflation. Indeed, speculation still suggests further rate increases to 6% by the end of the year.
Whilst significant rate increases remain a threat to the housing market, provided that there is stability in the job market and the economy maintains its course for steady growth, concerns over a muted economic slump and share market crash are not shared by all.
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