Average UK house prices face slowdown despite hitting record high

Weakening economy, cost-of-living squeeze and rising interest rates are cooling market, index shows

Annual house price gains across the UK have slowed for a third month as the weakening economy, cost of living squeeze and rising interest rates started to have an impact on the property market.

The average UK house price hit a new record high of 271,613, but there are tentative signs of a slowdown", Nationwide building society said.