The price of a typical UK home increased by 0.4% in May and was 1.1% higher than May 2012, according to the latest data from Nationwide.
The typical UK home is now worth £167,912.
Robert Gardner, Nationwide's Chief Economist, said: "House prices edged up by 0.4% in May, providing further support for the view that the housing market is gradually gaining momentum. The three month on three month measure of house prices, which is a smoother measure of the underlying trend, has been in positive territory since October last year. The annual rate of house price growth also ticked up to 1.1% in May - the fastest pace since November 2011.
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