Property prices Agents calm over 'softening' growth

THE average UK house price dipped by 0.8% month-on-month in June, according to an index.

- Vicky SHAW

Across the UK, the typical property value in June was £271,619, Nationwide Building Society said. The annual rate of house price growth slowed, to 2.1% in June, from 3.5% in May.

Robert Gardner, Nationwide's chief economist, said: "The softening in price growth may reflect weaker demand following the increase in stamp duty at the start of April.

"Nevertheless, we still expect activity to pick up as the summer progresses, despite ongoing economic uncertainties in the global economy, since underlying conditions for potential home-buyers in the UK remain supportive."

Nationwide said its regional house price figures, which are produced quarterly, indicate that the majority of areas have seen a modest slowdown in annual house price growth.