Nationwide Building Society has announced that house prices rose at their slowest annual pace for nearly two years in August.
Property price growth was marked as a rise of 3.2% compared with August last year, with prices across the UK rising by 0.3% on a month-by-month basis, taking the average property value to £195,279. This marked a slowdown on the 0.4% month-on-month rise recorded in July.
The annual pace of price growth is now less than a third of what it was last year – with an 11% annual increase recorded in August 2014.
Whilst this is good news for home buyers, Nationwide’s chief economist has cautioned that more new homes will need to be built to meet demand.
“With UK house building running well below the expected rate of household formation in recent years and with demand for homes rising, a significant increase in construction activity is required if affordability is not to become stretched in the years ahead.”
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