According to the report from Halifax Bank of Scotland, UK house prices in September were 1.1% higher than in the same month a year earlier. Economists had expected a 1.6% increase. On a monthly basis, house prices fell by 0.4%. Economists had expected a 0.1% increase. In the latest quarter (July to September) house prices were 0.4% higher than in the preceding three months (April to June).

Russell Galley, Managing Director, Halifax, said: “Annual house price growth slowed somewhat in September, rising by just 1.1% over the last year. Whilst this is lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months. Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Meanwhile for buyers, important affordability measures – such as wage growth and interest rates – still look favourable. Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”