This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-33359468

The article has changed 6 times. There is an RSS feed of changes available.

Version 0 Version 1
Annual house price growth at two-year low, Nationwide says Annual house price growth at two-year low, Nationwide says
(about 1 hour later)
The annual rate of house price growth fell to a two-year low last month, the Nationwide building society has said.The annual rate of house price growth fell to a two-year low last month, the Nationwide building society has said.
The annual rate of growth fell to 3.3% in June from 4.6% the month before, it 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%.
Nationwide said this maintained the gradual downward trend in the annual growth rate that had begun the middle of 2014. However house prices in Wales and Scotland have actually fallen over the last year.
House prices fell 0.2% last month compared with May, taking the average cost of UK property to £195,055. 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.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. "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" Regions
Some economists had not expected to see house price inflation falling so consistently.
"While we are slightly surprised by June's dip in house prices, it does not fundamentally change our view that house prices are likely to be firmer over the second half of the year," said Howard Archer, chief UK and European economist at IHS Global Insight.
He still expects house prices to rise by 6% this year, and 5% next year.
The region with the fastest growth is now Northern Ireland, where prices rose by 8% over the year.
Prices across London rose by 7.3%.
In Scotland prices fell by 1% compared to a year ago, and in Wales they were down by 0.8%.