House prices stabilise in June: Halifax

This largely mirrors the 2.5% quarterly growth and 5.2% annual growth seen in May.

Halifax says the large annual growth figure is due to a "particularly low growth rate" during 2018 which is impacting year-on-year comparisons.

On a monthly basis, house prices fell by 0.3% in June following monthly growth of 0.5% in May.

Russell Galley, managing director at Halifax, said: “Average house prices dipped marginally in June, falling by 0.3%, to stand at £237,110. This extends the largely flat trend we’ve seen over recent months.

“More generally the housing market is displaying a reasonable degree of resilience in the face of political and economic uncertainty. Recent industry figures show demand looking slightly more stable, with mortgage approvals ticking along just above the long-term average.

“One of the major restraining factors on the volume of transactions in the market continues to be the very low level of stock for sale. With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers.

“Of course, the likelihood of continued historically low mortgage rates will underpin prices in the near term.”