Halifax has reported that house prices continue to remain broadly flat, with the annual rate of growth marginally slowing from 1.9% in May to 1.8% in June.

In the latest quarter (April-June) prices were 0.7% lower than in the preceding three months (January-March 2018), though Halifax says this figure appears to be a symptom of the monthly volatility in the data with the particularly weak April number in between two fairly strong months.

On a monthly basis, prices rose by 0.3% in June to £225,654.

Russell Galley, managing director of Halifax, said: “Activity levels, like house price growth, have softened compared with the final months of last year. Mortgage approvals have been in the low range of 63,000 to 67,000 since the start of the year, whilst home sales have remained flat so far this year. This is in contrast to the continuing strength of the UK jobs market with job creation still strong and pressure on household finances easing as real income growth edges up.

“At the half way stage of the year the annual rate is within our forecast range of 0-3% for 2018. We continue to see very positive factors of continuing low mortgage rates, great affordability levels and a robust labour market. The continuing shortage of properties for sale should also continue to support price growth.”