Housebuilders hit by signs of slowing property market

Housebuilders are under pressure after the latest Nationwide survey suggested a recovery in the property market may be stalling. Nationwide said house prices inched up just 0.1% in June following a 0.5% increase in May and a 1% rise in April. The annual rate of house price inflation dropped for the second consecutive month from 9.8% to 8.7%, the building society said, adding: Barring a significant pick-up in house prices over the next few months, the annual rate of inflation should continue to drift lower, in light of the very strong price increases recorded during the summer of 2009. Over the first half of 2010, UK house prices have risen by a cumulative 3.0%. So Redrow is down 6p at 113.2p, Taylor Wimpey is 0.99p lower at 27.34p and Persimmon has fallen 11.9p to 349.1p.