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Last month the annual rate of house price growth fell to a two-year low, stated the Nationwide building society. In June, annual house price inflation fell to 3.3%, compared to 4.6% in the previous month. This is much lower than two years ago, when prices were rising by 11.8%.

The average cost of UK property now stands at £195,055 because between May and June, prices across the UK actually fell by 0.2%. House prices in Wales and Scotland however, have fallen over the last year.

Howard Archer, who is the chief UK and European economist at IHS Global Insight, said that he still expects that house prices will rise by 6% this year and 5% the following year. Northern Ireland has the fastest growth, as he region saw its prices rise by 8% over the year. London house prices rose by 7.3% and in Scotland, prices fell by 1% compared to one year ago. In Wales, prices were down by 0.8%.