Nationwide reports that average UK residential property prices rose by 0.3% in June, the third month in a row of subdued growth, which means that annual house price inflation now stands at 5%.

Nationwide economist, Fionnuala Earley, said: "House prices grew by 0.3% in June, the third consecutive month of flat growth. The three monthly growth rate clearly shows the slowing trend in house price inflation since March. Prices increased by 1% in the three months to June, compared with 1.6% to May and 2.1% in the three months to March. The annual rate of growth increased slightly to 5% in June, but only because there was a fall of 0.1% this time last year. The price of a typical house is now £165,730, around £8,000 more than this time last year and equivalent to a rise of almost £22 per day."