• Annual house price growth slowed to 2.4%

• Prices fell 0.2% month-on-month

• Shift in housing stock towards private renting and flats

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "UK annual house price growth slowed modestly in May to 2.4%, from 2.6% in April. House prices fell by 0.2% over the month, after taking account of seasonal factors. Annual house price growth has been confined to a fairly narrow range of c2-3% over the past 12 months, suggesting little change in the balance between demand and supply in the market over that period. There are few signs of an imminent change. Surveyors continue to report subdued levels of new buyer enquiries, while the supply of properties on the market remains more of a trickle than a torrent".