According to Nationwide Building Society - June was the third month of what is termed 'subdued growth' regarding house prices.

On a quarterly basis, growth slowed to 1% from 1.6% in the previous three months.  The annual house price inflation stands at 5% in the Nationwide index.

The Bank of England pointed to a slowdown in house purchase approvals.

Group chief economist Fionnuala Earley said "The Bank of England is still in a 'wait and see' mode. 

Looks like 4.5% will remain the norm for some time yet.