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| Annual UK house price growth slowed in May, Nationwide says. | Annual UK house price growth slowed in May, Nationwide says. |
| (35 minutes later) | |
| The annual pace of UK house price growth slowed last month, according to the latest survey from Nationwide. | The annual pace of UK house price growth slowed last month, according to the latest survey from Nationwide. |
| The building society said prices in May were 4.6% higher than a year earlier, down from a rate of 5.2% in April. | The building society said prices in May were 4.6% higher than a year earlier, down from a rate of 5.2% in April. |
| Nationwide said this marked a resumption of a "gradual downward trend" in annual price growth which had begun last summer. | Nationwide said this marked a resumption of a "gradual downward trend" in annual price growth which had begun last summer. |
| However, prices in May were up 0.3% compared with April, taking the average price of a property to £195,166. | However, prices in May were up 0.3% compared with April, taking the average price of a property to £195,166. |
| Nationwide said cash purchases of houses also reached an all-time high of 38% in the first three months of the year, just above the 2014 average of 36%. | |
| It said the immediate aftermath of the financial crisis had seen the biggest spike in cash transactions, when tighter credit conditions and unemployment drove the increase. |