Nationwide Building Society has reported a modest slowing down in the annual UK average house price growth. And most regions have also experienced a slight slowing down in annual growth during the second quarter of 2022, including Wales.
For the UK as a whole, June saw house prices grow by 10.7% year-on-year compared to 11.2% the previous month. Although this house price figure indicates a possible slowing of house price increases, the company states that growth is still in double figures, with the average house price in the UK now £271,613, an increase of over £26,000 in the past year.
Robert Gardner, Nationwide's chief economist, says: "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.
