LONDON: British house prices have risen at their fastest annual rate since November 2011 this month, buoyed by a Bank of England initiative to reduce the cost of credit, data from mortgage lender Nationwide showed.
Nationwide said house prices rose by an annual 1.1% in May, slightly more than expected and up from April’s 0.9% annual increase. On the month, prices were 0.4% higher, in line with forecasts, after holding steady in April.
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