The latest index, formerly the Halifax house price index, shows that the average property price now stands at £299,330, compared to £298,812 in May.

Annual growth has risen slightly to 0.6% in June from 0.5% the month prior.

Northern Ireland continues to record the strongest annual house price growth in the UK. Average prices are up 7.4% over the past year to £229,000.

Scotland has the next highest annual growth, now at 3.9%, with an average price of £223,277.

In Wales, property price growth has strengthened again to 0.9% on annual basis, taking the typical home value to £231,142.

Meanwhile, in England stronger price growth remains concentrated in northern regions. The North East saw prices rise 2.8% over the year to £181,133, while the North West recorded annual growth of 2.4%, with the average property now costing £248,218.

By contrast, southern markets continue to see prices fall. The South East led declines, with prices down 2.0% year on year to £381,654, while London saw average values fall by 1.1% to £534,831.

Lloyds head of mortgages Amanda Bryden says: “Recent price trends continue to reflect wider economic uncertainty, including the impact of global events on inflation and interest rate expectations. While affordability remains stretched for many buyers, mortgage rates have eased from their recent highs, offering some encouragement to those considering a move.”

“While latest industry data shows the number of new mortgage approvals dropped in May, this wasn’t unexpected given the spike in rates seen earlier this year, and we’d expect to see activity recover assuming borrowing costs continue to fall.”

“For first-time buyers, annual price growth increased to +0.8% in June from +0.3% in May, with the average first-time buyer property now costing £240,433, suggesting demand remains resilient.”

“Looking ahead, we expect the housing market to continue moving at a measured pace. Lower borrowing costs should provide some support for demand, though affordability constraints remain an important factor. The outlook for house prices will depend largely on inflation continuing to ease and household confidence gradually improving.”

Also commenting on the latest figures, Quilter financial planner Ian Futcher states: “Mortgage rates have eased from the highs seen earlier this year as swap rates have stabilised and lenders compete for relatively limited business, but borrowing costs are still elevated and affordability is stretched for many households.”

“Recent lending and approvals data have shown buyers are being much more cautious, and it seems many are opting to hold off on making any big moves until they have more certainty around the path of interest rates.”

“There is also a risk that household finances get worse before they get better. While tensions in the Middle East have eased and the ceasefire has helped calm markets somewhat, many households are unlikely to feel the benefits immediately.”

“The energy price cap has risen by 13% this month, and higher energy and food bills will add to the squeeze. For prospective buyers, this will make affordability even more challenging, which could in turn weigh on house prices.”

MT Finance deputy chief executive Gareth Lewis comments: “The housing market urgently needs some government stimulus to encourage activity. Removing stamp duty would give a significant boost to the number of housing market transactions – after the deposit, stamp duty is the biggest outlay when buying a home.”

“It isn’t just a big hit for those at the lower end of the market but impacts buyers at every level. If you are moving up the ladder and looking at what you can afford to buy, the whacking great stamp duty cost is inevitably going to limit how far you can stretch yourself.”

“In terms of the land value tax that has been suggested as a replacement, an annual cost is something people would get used to over time whereas a one-off hit, like stamp duty, is much harder to budget for.”

OnTheMarket president Jason Tebb adds: “Those who need to move continue to buy and sell homes. Affordability concerns remain but easing mortgage rates are helping, as borrowers adapt to shifting market conditions.”

“Political uncertainty and challenging economic conditions continue to form a backdrop, but the resilience of the market and the needs-based buyers and sellers who have no choice but to proceed, is evident.”

“With average house prices edging upwards, buyers and sellers are adopting a pragmatic outlook and adjusting expectations. For those hoping to get on the ladder for the first time, this is a more encouraging market to work with, free from boom and bust, with prices which are not running away with themselves and pricing would-be buyers out further.”