UK home price rise slows

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Latest figures from lender Nationwide show the UK housing prices soared by 0.1 percent in July.

It's the slowest growth in 15 consecutive months since April 2013. 

The slowdown of the prices was unexpected as mortgage approvals jumped by 8 percent in June, according to figures released by the Bank of England earlier this week.

Nationwide says the annual housing price since July 2013 has moderated to 10.6 percent, compared to 11.8 percent a year before.

Similar slowdown was recorded by the UK Land Registry, suggesting the housing prices fell in 7 out of 10 regions across the nation.

New mortgage market review rules were introduced in April. It requires banks ask tougher questions to borrowers about their affordability and undertake tougher background check. 

However, the rise of mortgage approval from the recent figures suggests the market is getting used to the new rules.

Some citizens are positive about the rise, saying it's a good thing.

SOUNDBITE(ENGLISH): ASA SHAPIRO, Citizen

"The figurative of the plan mortgages just because they are trying to protect themselves, because if they give mortgages to anyone they want, they collapse themselves, so it is a good thing. And people don't get mortgages, it is even better, because the price of house will go down, price will go down because everyone cannot gets cheap money to buy houses. So it is best, not give mortgages in this point, and maintain the lower house rates."

Experts say "with the labour market strengthening, mortgage rates expected to remain low and consumer confidence rising, activity is likely to recover in the months ahead.”

However, the huge imbalance between London and the rest of the country was noted. 

Earlier this week, UK Land Registry said the average price of London in June is 4 times higher than that recorded in North West of England.