House price growth slowest in nearly two years

London

BRITISH house prices rose at their slowest annual rate in nearly two years in May, as growth continued to moderate after double-digit increases in the middle of 2014, figures from mortgage lender Nationwide showed on Wednesday. Nationwide said that house prices in May were 4.6 per cent higher than a year before, the smallest annual increase since August 2013 and down from a rate of 5.2 per cent in April.

House price inflation hit a peak of 11.8 per cent in June last year, but eased as regulatory restrictions on mortgage lending took effect, and Nationwide said cash buyers now accounted for a record 38 per cent of purchases.