A week on from Nationwide Building Society's study - which showed property prices went up 1.2 per cent in May - Halifax research has indicated a larger rise housing values during the month.

In a statement today, the building society said that the average cost of a home went up by 2.6 per cent in May to stand at £158,565.

This equated to an increase of around £4,000 on the previous month, according to the financial services provider.

Private landlords may have seen the value of their property portfolios move in an upwards direction as a result.

Earlier this week, the Bank of England revealed that the number of mortgages approved in May totalled 43,200 - the highest level for 12 months.

This followed comments from Property Hawk website editor Chris Horne, who claimed that demand for buy-to-let mortgages among private landlords was strong, but lenders were generally unwilling to provide the finance for them.

Written by John Weeks

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