Earlier this week, the Bank of England said that mortgage borrowing fell by 36% in April in another signal that the red-hot housing market is starting to lose momentum in the face of rising inflation and a cost of living crisis.
House prices are still much higher than this time last year, according to Nationwide Building Society, but the pace of growth has slowed for the third month in a row.
"Household finances are likely to remain under pressure with inflation set to reach double digits in the coming quarters if global energy prices remain high," said Robert Gardner, Nationwide chief economist.
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