Nationwide reports that house price increases have slowed to just 0.1% in July, down from 1.1% in June, bringing the annual rate of increase to 9.9%. The average house price in the UK is now £184,270.
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: "After surprisingly picking up steam in June, house prices were almost unchanged in July, and their underlying trend growth resumed a downward path. House prices managed a seasonally adjusted gain of only 0.1% in July, the slowest pace of growth since April 2006. The marked slowdown brought the annual rate of house price inflation down to 9.9%, following three consecutive months of double-digit growth. A typical UK property cost an average of £184,270 in July, £16,537 more than one year ago. The three-month on three-month rate of growth - often a better indicator of the underlying trend of house price inflation - slowed to 2.0% and resumed the downward path that had been interrupted in June."
