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UK house prices increased unexpectedly by 0.5% in May, reaching an average of £273,427, reversing the previous month’s decline, according to Nationwide. The annual price growth rose to 3.5%, bolstered by low unemployment and robust wage growth, as noted by chief economist Robert Gardner, who highlighted supportive conditions for home buyers despite global economic uncertainties. The recent reversion of stamp duty thresholds has increased tax costs for many buyers, particularly first-time purchasers, who now face the levy on properties above £300,000.
