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Pace of growth eases in June

The average house price has doubled since the start of the millenium, according to the Nationwide house price index.

The price of the average house rose by 0.9 per cent in June, down from 1.7 per cent during May.
June&#39s price increase took the annual rate of house price inflation to 19.1 per cent and the average house price to £151,524.

Nationwide group economist Alex Bannister says a repeat of the late eighties slump in prices looks unlikely but that buyers assuming a 5 to 10 per cent annual house price growth would be disappointed.

He says: “Although Mervyn King&#39s comments many knock confidence, whilst the economic fundamentals remain positive we would expect this to result in a slowdown in price growth as opposed to widespread falls.”

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