Annual property price growth slowed in May, according to the latest Nationwide data.
The figure for annual growth moderated to 4.6 per cent last month, down from 5.2 per cent recorded in April.
Despite this, Nationwide calculates that average prices continued to rise last month, albeit at a rate of just 0.3 per cent.
The UK’s average house price now stands at £195,166, up from £193,048 in April, according to the index.
Nationwide also estimates that the number of cash purchase reached an all-time high in the first quarter of 2015.
Robert Gardner, Nationwide's chief economist, believes that the slowdown of annual growth resumes a downward trend that has been in operation since the summer months of 2014.
“Over the longer term we would expect house price growth to converge with earnings growth, which has typically been around 4% per annum,” he says.
Earlier in the week the Land Registry reported that house prices increased 0.9 per cent between March and April, and that the average price reached £179,817 in April.