By Daniel Hunter

Nationwide building society have released their latest House Price Index, which shows that house prices in the UK are still 'fairly stable' despite the economy falling back into recession earlier this year.

The data shows that prices rose by 0.3% in May, to £166,022, but this had still left them 0.7% lower than a year ago.

"The Nationwide House Price Index has reached an important milestone; it was first produced in 1952, and has therefore run for the Queen's entire reign," Robert Gardner, Nationwide's Chief Economist, said.

"According to our data the average UK house price has increased from £1,891 to £166,022 during the Queen's reign, that's almost an 88 fold increase over the 60 year period, while the cost of goods and services have recorded a more modest 25 fold increase."

"Dramatic increases might be expected over such a long timeframe, but over the last eighteen months, house prices have been fairly stable, despite the challenging economic backdrop."

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