Fresh evidence that higher interest rates are taking their toll on the property market emerged today with figures showing slower growth in house prices.

The monthly rate of house price inflation slipped in June to 0.9% from last month's seasonally adjusted figure of 1.7%, according to the Nationwide Building Society.

Prices grew by 19.1% in the year to June, compared with 19.5% in the year to May, the data showed.

The average house now costs £151,524 against £149,020 in May - more than double the price at the start of the new Millennium.

Tuesday June 29, 2004