Estate agents boards are lined up outside houses in south London June 3, 2014. (REUTERS/Andrew Winning)
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Britain's house prices rose at their fastest annual pace in nearly seven years last month and signs of bottlenecks in the construction sector underscored the upward pressures on the market, surveys showed Tuesday.House price growth picked up to a pace of 11.1 percent in May, mortgage lender Nationwide said, fanning concerns that the property market could be overheating.Supply shortages and wage growth at a 17-year high raised questions about how long the sector could keep up its strong growth.Tuesday's data showed house price growth slowing on a monthly and three-month basis, but analysts said it was too early to say whether the market was at a turning point.
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