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.
The British Property Federation has welcomed the Government response to retail guru Mary Portas's review of the high street.
Mary 'Queen of Shops' was asked by the Prime Minister to conduct an independent review into the state of the high street, and presented her findings last December. Government has today responded, with high street failure showing no sign of abating
Amongst the key recommendations are:
Liz Peace, chief executive of the British Property Federation, said "Today's response should not be seen as the end of the process, but the start of one - a call to arms for anyone who cares about our high streets. Government help on funding and policy is welcome, but ultimately if we want our high streets to thrive a clear local-driven vision is required. By strengthening BIDs, introducing Town Teams, and also business neighbourhood planning, there has never been a better time for those who care about our high streets to get involved."
A number of campaigning issues, which the British Property Federation has led or been involved in, also feature in the Government’s response:
Commenting, Liz Peace said:
“I meet landlords on a weekly basis who are as passionate about the shopping experience they provide as the retailers who occupy their premises. Hopefully, through our own actions, we have shown that landlords are active and interested partners on our high streets. Our high streets need investment and one of the recommendations that I hope will now be taken forward with haste is to investigate how we can formalise landlord involvement in BIDs.
“We also look forward to progressing the recommendation on promoting the lease code. This presents a great opportunity, not only to promote responsible leasing, but also to bring to greater prominence what our industry does, which is to make space for tomorrow’s entrepreneurs. I am particularly grateful to have Rightmove on board, who can provide a new way for us to get lease code information to that small end of the market that is always so difficult to crack.”
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