Nationwide: Housing market activity 'may be cooling'

There are signs that activity in the housing market may be "starting to cool a little", according to the UK's largest building society, the Nationwide.

Prices in May rose by 0.7%, compared with a 1.2% rise in April. However, the annual rise in house prices edged up from 10.9% to 11.1%, the fastest increase in seven years.

Speaking to the BBC, Robert Gardner, chief economist at Nationwide, said that new mortgage lending rules, which officially started in April, could be having an impact on activity levels.