House prices show modest increase

Prices increased modestly by 0.3% month-on-month in May following a 0.3% drop in April, with a lack of homes on the market helping to keep prices up, Nationwide said. House prices are 0.7% lower than they were a year ago and stand at £166,022 on average, although this is a smaller drop than the 0.9% year-on-year decline seen in the previous two months.