Average house prices dipped once again in July, falling 0.2 per cent month-on-month to £236,120, after being recorded at £237,110 last month.

After recording strong quarterly growth in Q2 2019 (up 2.4 per cent), annual house price growth has now fallen to 4.1 per cent, after having been 5.7 per cent in June, according to the figures published in Halifax’s latest House Price Index.

In the last three months, house prices have increased by just 0.4 per cent.

Commenting on the figures, Halifax managing director Russell Galley said: “The average UK house price fell slightly for a second month, as the market continues to tread water with marginal increases or decreases in each monthly period.”

Despite this, Galley highlighted that while economic uncertainty continues to weight on the market, the overall trend remains one of “comparative stability”, as average prices fall by less than £600 over the last three months.

Halifax has seen a drop off in the number of properties sold during the early months of summer, suggesting for many that a downturn is on the horizon. However, Galley pointed to the fact that new buyer enquiries have increased, and favourable mortgage affordability – driven by low interest rates and strong wage growth – should “continue to under prices for the time being”.

“In the longer-term, we believe there is unlikely to be a step change in market activity until buyers and sellers see some form of resolution to the current economic uncertainty,” he concluded.

Trussle mortgage expert Dilpreet Bhagrath claimed that Brexit was still “undoubtedly” playing a significant role in July’s housing price dip, with buyers still hesitant to make a property move.

“That said, with the Bank of Mum and Dad experiencing a collective £6.3bn in loans for the younger generation; first-time buyers would be well placed to make use of this stability to snap up their home,” she added.

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