UK house prices cool as demand slows down

UK home prices increased at their slowest annual pace in 14 months in January as housing transactions and demand cooled.

The gain in value dropped to 6.8% from 7.2% in December. It was the lowest rate since November 2013 and the fifth consecutive slowdown, Nationwide Building Society said yesterday. Prices rose 0.3% on the month for a fourth straight increase.

“The further moderation in the pace of price growth is unsurprising, given the slowdown in housing market activity in recent months,” said Robert Gardner, chief economist at Nationwide.