When you read these press releases day in, day out, you get to spot the formula du jour pretty quick. Which is: report a slight increase in house prices, and then provide a little editorial saying increases can't be taken for granted and you expect a slowdown around the corner. Then - six months later - continue to do the same, because nobody can remember what happened six months ago anyway. For May, Nationwide report a modest 0.2% gain (which is almost certain to be reported by some newspapers as an overnight doubling of house price inflation... Nationwide reported 0.1% in April). But (from Reuters)...

Nationwide said cooling demand for housing as well as rising interest rate expectations in financial markets - which drive mortgage costs as do official interest rates - may dampen property price inflation in coming months.

Yep... and rising fuel costs and utility bills and dodgy equity markets and...

Interestingly, the annual figure actually fell. From 4.8% April-to-April, to 4.7% May-to-May. Click this to download a pdf of the report.