Nationwide: Why is house price growth slowing?

The annual pace of house price growth is now at its slowest for a year, according to Nationwide.

The UK's second biggest mortgage lender said house price inflation fell to 7.2% in December on an annual basis, down from 8.5% in November.

Nationwide's Robert Gardner said that the number of mortgage approvals and new buyer inquiries had fallen in recent months, but that a "positive economic outlook" should lead to a "steady pick up in mortgage market and housing market activity" in the new year.