Annual house price growth slows to 2.1%,

from 2.9% in July

• Modest 0.1% fall month-on-month

• Stamp duty revenues rise to new highs

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "The annual pace of house price growth moderated to 2.1% in August, from 2.9% in July. The slowdown in house price growth to the 2-3% range in recent months from the 4-5% prevailing in 2016 is consistent with signs of cooling in the housing market and the wider economy.

The economy grew by c.0.3% per quarter in the first half of 2017, around half the pace recorded in 2016. The number of mortgages approved for house purchase moderated to a nine-month low of c.65,000 in June and surveyors have reported softening in the number of new buyer enquiries".