House prices in period September to November 2014 were 0.7% higher than in the previous three months, according to the latest Halifax House Price Index.

This quarterly rate was marginally down from 0.9% in the previous month.

Prices in the three months to November were 8.2% higher than in the same three months a year earlier. On this measure, annual house prices are now growing at their slowest rate since February.

House prices grew by 0.4% between October and November. This reverses the 0.4% monthly decline recorded in October.

Martin Ellis, the Halifax’s housing economist, said: “Receding buyer interest combined with a revival in private housing completions has brought supply and demand into better balance. These factors have in turn contributed to the easing in house price growth since the summer.

“But housing demand continues to be supported by a strengthening economy, rising employment levels, still low mortgage rates and the first gain in ‘real’ earnings for several years.

“We expect a further moderation in house price growth over the next year with prices nationally expected to increase in a range of 3-5% in 2015.”