Stricter mortgage rules slow house price rises

House prices have risen by just 0.1 per cent in July, making it the smallest increase in 15 months, according to Nationwide.

Stricter mortgage rules are said to have fuelled the house price slow down. Credit: Press Association

The building society blamed the slowdown on stricter mortgage lending rules.

On a year-on-year basis, growth remained in double figures for the fourth month in a row but the pace of the annual uplift dropped from 11.8 per cent in June to 10.6 per cent in July.

The average house price across the UK now stands at £188,949, the building society reported.

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