The pace of UK house price growth slowed modestly last month, with the price tag of a standard home hitting a new record high of £271,613.
According to the Nationwide House Price Index published on Thursday, average prices increased by over £26,000 in the past year.
The rate of annual growth slowed to 10.7 per cent in June, from 11.2 per cent in May.
Prices leapt by 0.3 per cent month-on-month, after taking account of seasonal effects, marking the eleventh consecutive monthly increase.
It comes as Brits are facing a cost of living crunch that is threatening to hit the brakes on major financial decisions such as pursuing home ownership.
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 enquiries.
“Nevertheless, the housing market has retained a surprising amount of momentum given the mounting pressure on household budgets from high inflation, which has already driven consumer confidence to a record low.”