RTTNews - U.K. house prices rose 1.2% in May from the prior month, reversing a 0.3% decline reported in April, the Nationwide Building Society reported Friday. Economists were looking for a monthly 0.9% decline. The price of a typical house totaled GBP 154,016 compared to GBP 151,861 in April.

Year-on-year, house prices dropped 11.3% in May. This was slower than the 15% decrease seen in April and 13.7% decline expected by economists.

Although the short-term trend in house prices has clearly improved from where it was at the beginning of the year, it is still too early to say that the market is turning definitively, Martin Gahbauer, Nationwide's Chief Economist said.

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