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Nationwide say lack of properties led to near 3% rise

A major shortage of homes on the market is helping to prop up prices, according to Britain's biggest building society.

Despite indications that the property market is cooling, Nationwide reported a 2.9 per cent rise in house prices in the year to June.

This was only a slight dip on the previous month when prices grew 3.1 per cent on an annual basis.

Nationwide's chief economist Robert Gardner said 'on the surface, this appears at odds with recent signs of cooling in the housing market'.

This includes the number of housing transactions falling to the lowest level in eight months in June, with the number of mortgages approved for house purchase also falling to a nine month low of 64,684.

Despite indications that the property market is cooling, Nationwide reported a 2.9 per cent rise in house prices in the year to June. This was only a slight dip on the previous month when prices grew 3.1 per cent on an annual basis

Despite indications that the property market is cooling, Nationwide reported a 2.9 per cent rise in house prices in the year to June. This was only a slight dip on the previous month when prices grew 3.1 per cent on an annual basis

But Mr Gardner added that 'a lack of homes on the market appears to be providing support, with annual prices growth remaining only just outside the 3-6 per cent range, that has been prevailing for most of the past two years'.

Earlier this month the Royal Institute for Chartered Surveyors said estate agents had fewer properties on their books that at any time in the past forty years

Nationwide said the housing market is likely to remain 'subdued', with the economy expected to slow and

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