Nationwide warns of ‘natural correction’ in house prices

Nationwide building society has warned the London housing market may face a “natural correction” as it reported its best ever annual results.

Chief executive, Graham Beale said there was already a “slowing down in the market place”.

It comes as Nationwide reported a four-fold rise in pre-tax annual profits to £677m, against £168m a year earlier.

Nationwide increased mortgage lending by 31% to £28.1bn in the year to 4 April on the back of the recovery in the housing market.