Annual house price growth slows again in June

The annual pace of house price growth slowed to 3.3% in June from 4.6% in May. UK house prices fell by 0.2%.

Robert Gardner, Nationwide’s Chief Economist, commented '“The annual pace of house price growth continued to slow in June, moderating to 3.3% from 4.6% in May. This maintains the gradual downward trend that has been in evidence since mid-2014, though this is the smallest annual rate of increase for two years. House price growth continues to outpace earnings, but the gap is closing, helped by a pickup 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. 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."

House Price Index Headlines Jun 2015 May 2015
Monthly Index* 384.2 385.2
Monthly Change* -0.2% 0.2%
Annual Change 3.3% 4.6%
Average Price (not seasonally adjusted) £195,055 £195,166

*Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)

Read the full report here.

Read the quarterly regional report here.