Halifax has reported that house prices in the three months to October were 1.5% higher than in the same three months a year earlier, slowing from the 2.5% annual growth recorded in September, and recording the lowest rate of growth since March 2013.

House prices in the latest quarter (August-October) were 0.2% higher than in the preceding three months (May-July).

On a monthly basis, house prices rose marginally by 0.7% in October, following two consecutive monthly falls.

Halifax said that the average house price is now £227,869.

Russell Galley, managing director of Halifax, said: “The annual rate of house price growth has fallen from 2.5% in September to 1.5% in October, which is the lowest rate of annual growth since March 2013. However, this remains within our forecast annual growth range of 0-3% for 2018.

“House prices continue to be supported by the fact that the supply of new homes and existing properties available for sale remains low. Further house price support comes from an already high and improving employment rate and historically low mortgage rates which are creating higher rates of relative affordability. We see this continuing to be the case over the coming months and we remain supportive of our 0-3% forecast range.”

Kevin Roberts, director of Legal & General Mortgage Club, added: “The times are certainly changing for first-time buyers. More sustainable house price growth, an extension of Help to Buy and a Stamp Duty exemption for shared ownership properties puts our young people in a much stronger position to buy their first home. But what about those further up the property ladder?

“The changes in the Budget were certainly welcome, but if we want to create a housing market that is accessible and fair to all, we need to see more support for downsizers and families too. That means extending the Stamp Duty exemption to people wanting to downsize and delivering on thousands of new, affordable homes, including properties suitable for older people that our country desperately needs.”