The Nationwide has revealed the annual rate of house price growth fell to a two-year low in June…
According to the figures the annual rate of growth fell to 3.3 per cent in June. This was a decline from the month before, which saw a figure of 4.6 per cent.
Building society the Nationwide said the downward trend in the annual growth rate had begun during the middle of 2014.
Nationwide’s chief economist Robert Gardner 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 per cent in the three months to April from 1.9 per cent 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.
“In quarter-on-quarter terms, London has continued to see price growth at or above the rate in the UK overall over the past three quarters, while the annual rate of price growth in the capital remains the second highest in the country.”
Additionally, the data also revealed the price of property saw a slight decrease, falling by 0.2 per cent last month compared with May. This took the average cost of UK property to £195,055.