House prices rise 0.1 per cent in June

HOUSE prices rose by 0.1 per cent in June, according to the Nationwide building society.

The average property price in the UK is now more than £170,000.

Prices have risen by three per cent since the start of the year, the lender’s house price index showed.

But the rate of annual house price inflation fell again to 8.7 per cent, with prices rising more slowly than they did this time last year.

Nationwide chief economist Martin Gahbauer said: "Recent indicators point to an increase in the supply of property coming to the market for sale, perhaps in response to the abolition of Hips (Home Information Packs) in the opening days of the new coalition government.

“With the level of demand remaining broadly stable, this would in part help to explain the recent slowdown observed in the rate of house price inflation.”

The Halifax house price survey has recorded house price falls in May and April.