The average UK house price hit a new record of £271,613 in June, according to Nationwide, with this marking a 10.7% increase on the typical price recorded in June 2021. However, growth has slowed, with the year-on-year increase seen in June down on the 11.2% rise recorded in the year to May. Month-on-month, prices rose 0.3% between May and June. This also suggests growth is slowing, with the increase short of the 0.9% growth posted between April and May. Robert Gardner, Nationwide’s chief economist, said: “There are tentative signs of a slowdown, with the number of mortgages approved for house purchases falling back towards pre-pandemic levels in April and surveyors reporting some softening in new buyer inquiries.” Looking across Britain, the south-west of England overtook Wales as the strongest-performing region, with house prices up 14.7% year on year. London, meanwhile, was the weakest performer although prices still managed to rise by 6% to an average of £540,399, maintaining its status as the most expensive region of the UK.
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