British house prices unexpectedly fell last month, taking the annual rate of price increases to its lowest in two years, mortgage lender Nationwide said today.
Nationwide said house prices dropped by 0.2% on the month in June - well below economists' forecasts of a 0.2% rise.
This pushed the annual rate of growth to a two-year low of 3.3% from 4.6% in May.
"This maintains the gradual downward trend that has been inevidence since mid-2014," Nationwide economist Robert Gardner said.
"House price growth continues to outpace earnings, but the gap is closing, helped by a pickup in annual wage growth," he added.