UK house prices are rising at their slowest pace in five years according to Nationwide as buyers reach the peak of what they can afford and economic uncertainty creates a drag on the market.

The second biggest mortgage lender said average prices rose by 2 per cent in the year to June to £215,444. This was the slowest annual rise since June 2013 and down from 2.4 per cent in April. Samuel Tombs, an economist at Pantheon, described the five-year low as “another milestone in the housing market’s slowdown”, as house price growth continues to remain confined to a narrow range of 2 to 3 per cent.

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