The latest data released by Halifax revealed that prices between September and November were 1.1% lower than in the preceding three months and when looked at on a month-by-month with the average price of a home in the UK now at £224,578.

Russell Galley, Managing Director, Halifax, commented on this morning’s figures: “House price growth has slowed as we approach the end of the year, falling from 1.5% in October to 0.3% in November, with the average cost of a home now £224,578. While this is the lowest rate of growth in six years, it remains within our forecast range of 0% to 3% for 2018.

High employment, wage growth and historically low mortgage rates continue to make home ownership more affordable for many, though the need to raise a significant deposit still acts as something of a restraint on the market. This is largely offset by relatively limited supply of new and existing properties for sale, which continues to sustain house prices nationally.”