A survey from the Nationwide Building society has revealed that house prices growth remained sluggish in the month of May. Prices rose by only 0.2% last month, resultantly lowering down the annual rate of house price inflation to 4.7% in May.

The average cost of house in the UK is now £164,632, up by £7,500 in the year.

Figures from the Bank of England also approved the slowdown in the growth rate. They indicated that the number of mortgages approved for house purchase dropped in April to 106,000. That was down by 8,000 from the previous month and was significantly lower than the average of 115,000 over the past six months.

The Royal Institution of Chartered Surveyors (RICS) also mentioned that a survey of its members also suggested that the market was sluggish in the month of May.

"A modest slowdown in the housing market is backed up by RICS estate agents who have reported that new enquiries from would-be buyers rose in April at the slowest pace in almost a year" a spokesman from RICS informed.

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