House prices showing lowest pace of growth in two years

Another day, another slew of house price data. But with Article 50 now triggered, recent Bank of England data showing record levels of household debt, and the prospect of an interest rate rise later this year thanks to rising inflation, property statistics are throwing up a few surprises.

Lowest growth in two years

There’s further evidence of a slowdown in the UK housing market this morning. According to Nationwide, house prices are increasing at their lowest pace in nearly two years. Britain’s biggest building society says that the average price of a home fell 0.3 per cent to £207,308 following a 0.6 per cent rise in prices in February. It was the first fall on the Nationwide index since June 2015 and came as a surprise to City analysts who had expected a 0.4 per cent increase in prices. As a result, the annual rate of growth is now at a 19-month low of 3.5