Homes in the south-west of England experienced the largest average price growth during June, it has been suggested, with an increase in supply found across all regions.

The Chesterton Meta-index, which combines a number of notable indices including studies produced by Nationwide and the Land Registry, revealed that prices had risen by 1.6 per cent in the south-west of England last month, with annual price inflation for the region now standing at 9.8 per cent.

The study found that prices across the UK as a whole rose by 0.6 per cent last month, with the average house price in England and Wales now standing at £195,559.

"Overall, the current figures suggest that the housing market is cooling gradually. The causes of this are difficult to disentangle," the report stated, citing interest rate rises and an increase in supply due to the forthcoming introduction of Home information packs (Hips) as two possible reasons.

With the Bank of England raising interest rates for the fifth time in 11 months yesterday to 5.75 per cent, such cooling is likely to continue as homeowners face higher mortgage repayments.

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Author:  Joanne McCabe

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