UK house prices are rising at their slowest pace in five years according to Nationwide as buyers reach the peak of what they can afford and economic uncertainty creates a drag on the market.
The second biggest mortgage lender said average prices rose by 2% in the year to June to £215,444.
This was the slowest annual rise since June 2013 and down from 2.4% in April. Samuel Tombs, an economist at Pantheon, described the five-year low as “another milestone in the housing market’s slowdown”, as house price growth continues to remain confined to a narrow range of 2 to 3%.
