House price growth stalled in May, rising just 0.2% over the month, slightly up on the 0.1% increase in April but down significantly on March’s strong 1.1% gain.

The annual rate of house price growth slowed slightly in May to 4.7%. The price of an average house in the UK is now £164,632, almost £7,500 more than at this time last year. This is equivalent to a price increase of just over £20 per day over the last 12 months.

Fionnuala Earley, economist at Nationwide Building Society, said: “The numbers of house purchase approvals… have begun to moderate since the start of the year. We expect them to cool further during the summer to around their long term trend.

“The level of new buyer enquiries reported by estate agents has declined since the end of last year. At the same time the trend in the level of new sales instructions has picked up.”

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