House prices in the UK were largely flat in June, down just 0.2% on a monthly basis, the latest Halifax House Price Index has found.
On an annual basis, house prices were up marginally, with growth of 1.6%, similar to the 1.5% recorded a month prior.
The average house price now stands at £288,455, down slightly from £288,931 in May.
The strongest property price growth was recorded in Northern Ireland, where growth of 4% was seen in the year to June and on a monthly basis, houses rose 3.3%.
The average price of a property in the country is now £192,457.
Of England’s regions, the North West saw the greatest house price rise, up 3.8% annually to an average of £231,351.
House prices in Scotland also increased, with a typical property now costing £204,663, +1.6% more than the year before. In Wales, house prices grew annually by +2.7% to reach £220,197.
Eastern England was the only region or nation across the UK to register a decline in house prices over the last year, where they now average £328,747, down -0.9% in June on an annual basis.
London continues to have the most expensive property prices in the UK, now averaging £536,306, up (+0.9%) compared to last year.
Halifax head of mortgages Amanda Bryden says: “UK house prices stayed relatively flat for the third successive month in June, with the slight fall equivalent to less than £500 in cash terms. On an annual basis, house prices posted a seventh consecutive month of year-on-year growth, with the average UK property value now standing at £288,455.
“This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering. For now it’s the shortage of available properties, rather than demand from buyers, that continues to underpin higher prices.
“Mortgage affordability is still the biggest challenge facing both homebuyers and those coming to the end of fixed-term deals. This issue is likely to be eased gradually, through a combination of lower interest rates, rising incomes, and more restrained growth in house prices.
“While in the short-term the housing market is delicately balanced and sensitive to the pace of change to Base Rate, based on our current expectations property prices are likely to rise modestly through the rest of this year and into 2025.”
