Pace of growth resumes downward trend according to latest Nationwide Index.
Annual house price growth has slowed to 4.6%, according to the latest figures from the Nationwide House Price Index.
Annual price rises have been on a gradual downward trend since last summer, which was briefly interrupted in April when annual house price growth edged up from 5.1% to 5.2%.
The building society says annual house price growth is now running at less than half the pace seen from mid-2014.
The average price of a UK home is now £195,166, according to the index, following a 0.3% increase in May.
House price growth
Here’s how prices have changed over the past 12 months, according to the Nationwide House Price Index.
|
|
Monthly change % (seasonally adjusted) |
Annual % change |
Average house price |
|
May 2014 |
0.7% |
11.1% |
£186,512 |
|
June 2014 |
1.0% |
11.8% |
£188,903 |
|
July 2014 |
0.2% |
10.6% |
£188,949 |
|
August 2014 |
0.8% |
11.0% |
£189,306 |
|
September 2014 |
-0.1% |
9.4% |
£188,374 |
|
October 2014 |
0.6% |
9.0% |
£189,333 |
|
November 2014 |
0.3% |
8.5% |
£189,388 |
|
December 2014 |
0.2% |
7.2% |
£188,559 |
|
January 2015 |
0.3% |
6.8% |
£188,446 |
|
February 2015 |
-0.1% |
5.7% |
£187,964 |
|
March 2015 |
0.1% |
5.1% |
£189,454 |
|
April 2015 |
1.0% |
5.2% |
£193,048 |
|
May 2015 |
0.3% |
4.6% |
£195,166 |
Source: Nationwide
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What’s going to happen to house prices?
[SPOTLIGHT]Nationwide said it expects house price growth to move at a similar rate as earnings growth, which has typically been around 4% per year.
But the building society warned that this prediction relies on what happens with the supply of property, noting that in recent years the rate of building activity has remained well below what is required to keep up with population growth.
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