House prices in the three months to November were 1.4% higher than in the previous three months, according to Halifax’s latest house price index.

This was the smallest rise on this measure since December 2014. The annual rate eased from 9.7% in October to 9.0%.

The quarterly rate of change fell from October’’s 2.8% to the lowest since December 2014 (0.3%).

The average price of a home is now £204,552.

Prices in the three months to November were 9.0% higher than in the same three months a year earlier. This was lower than October’s 9.7%, but within the narrow range seen throughout 2015.

House prices fell by 0.2% between October and November. This followed last month’s 1.0% increase, continuing the monthly volatility seen since the summer. The quarter on quarter change is a more reliable indicator of the underlying trend.

The value of the UK’s private housing stock in August 2015 was estimated at £5.1 trillion. This compares with £3.3 trillion in 2005; an increase of £1.8 trillion – or 53% – over the past decade, according to recent research from Halifax. The increase of £1.8 trillion since 2005 is equivalent to £76,316 per household in the owner-occupied and private rented sectors.

Martin Ellis, Halifax housing economist, said: ““Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year.

“The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.””

Mark Posniak, managing director of Dragonfly Property Finance, added: “The overall rate of growth may have slowed slightly but house prices continue their seemingly inexorable rise.

“With no immediate solution to the imbalance between supply and demand, house prices look set to continue to rise throughout 2016. The worry is that there is no concerted long-term strategy for tackling supply, either.

“The lack of properties being put up for sale remains an enigma given that mortgage rates and the cost of living are so low and consumer confidence, overall, is high.

“Talk of imminent interest rate rises has been going on for a year or two now and it may be that people want more clarity on the speed of rate rises before they commit to a purchase. It’s hard to believe that 2016 will see any change in the ongoing narrative of low supply, strong demand and rising prices.”