The average home price now stands at £233,181 but varies across the regions within the UK.
Russell Galley, managing director, Halifax, said: “The more stable measure of annual house price growth rose slightly to 2.6% and is still within our expectation for the year.
“The need to build up a deposit before getting a mortgage is still a challenge for many looking to buy a property. However, the combined effect of fewer houses for sale and fewer people looking to buy continues to support prices in the long-term.
“These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, commented: “Activity in the property market has been significantly dampened as Brexit uncertainty takes its toll, but lenders remain keen to grab what business there is out there.
“A handful have responded with rate cuts, with TSB, Halifax, NatWest, Barclays and Kensington reducing pricing on residential and buy-to-let mortgages. This is good news for those borrowers who are brave enough to take the plunge, or who have simply had enough of waiting and just want to get on with their lives.”
