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British house price growth slows in May

Xinhua, June 3, 2015 Adjust font size:

British house prices rose by 0.3 percent month-on-month in May, less than a third of April's 1 percent monthly gain, according to the Nationwide, one of the country's largest mortgage providers.

Annual house price growth also moderated to 4.6 percent from 5.2 percent in April, said the Nationwide in its monthly house price report published on Wednesday.

Average price stood at 195,166 pounds (about 300,000 U.S. dollars) before seasonally adjusted, it added.

"This resumes the gradual downward trend that had been in evidence since the summer of 2014," said Robert Gardner, Nationwide's Chief Economist.

"Over the longer term we would expect house price growth to converge with earnings growth, which has typically been around 4 percent per annum," he added. Endit