RTTNews - House prices in the UK rose 2.6% month-on-month in May, after three successive monthly declines of between 1.8% and 2.3%, the latest report from Halifax said Thursday. Economists expected prices to fall 1%.

Annually, house prices dropped 16.3% in May compared to a 17.7% fall in the previous month. Economists expected a decline of 17.2%.

The report said there were some tentative indications of a possible stabilization in activity, although at a very low level. Moreover, lower interest rates raised affordability, which in turn helped to increase the proportion of first time buyers, the Halifax said.

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