LONDON: The annual rate of house price growth fell to a two-year low last month, the Nationwide building society has said.
Annual house price inflation fell to 3.3% in June from 4.6% the month before, it said. Just a year ago, prices were rising by 11.8%.
However, house prices in Wales and Scotland have actually fallen over the last year, according to Nationwide.
Between May and June prices across the UK fell by 0.2%, taking the average cost of UK property to £195,055.
Robert Gardner, Nationwide’s chief economist, said: “House price growth continues to outpace earnings, but the gap is closing, helped by a pick-up in annual wage growth, which moved up to 2.7% in the three months to April from 1.9% at the start of the year.
“The slowdown in house price growth is not confined to, nor does it appear to be driven primarily by, developments in London.”
Last month, a survey by property services group LSL suggested that prices in parts of central London had fallen by up to 22% since last autumn.
