Annual house price growth hit 7.1% in August, the latest Halifax house price index shows.

This five-month low compares to annual growth of 7.6% in July, marking a slowdown but pushing the average house price to £262,954, which is a new record.

On a monthly basis, Halifax shows house prices ticking up by 0.7% and by 1.2% over the quarter.

Once again, Wales was the stronger performing area, plying host to house price growth of 11.6% over the year, while Greater London saw an average increase of 1.3% – although the lender points out that the average house price in the city does come in at £508,503.

Halifax managing director Russell Galley believes that, despite the stamp duty holiday tapering off, factors such as the continuing high demand for bigger houses the era of home working has ushered in, plus higher consumer confidence and a healthier looking job market will support house prices in the near term.

Fine & Country managing director Nicky Stevenson adds that sub-1% mortgage deals are another reason that, “all things point toward a sustained period of year-on-year growth.”

The Orchard Practice financial planner Joshua Gerstler comments: “Over the past year otherwise sensible people lost their heads and, in extreme cases, have been spending an extra £100,000 on a property so that they could save £15,000 in stamp duty.

“When the furlough scheme ends, if people cannot find new jobs, we could see prices coming down in vulnerable areas. The stamp duty holiday was another example of policymakers artificially inflating house prices. If they really want to help first-time buyers to purchase, this was not the way to do it.”

Meanwhile, Wayhome chief executive Nigel Purves opines: “Considering the property market’s ‘traditional’ summer slowdown coincided with the end of the government’s stamp duty holiday, it’s not hard to see why some might have predicted a cooling of house prices.

“While these figures may be good news for both developers and sellers, this constant upwards spiral of house prices is bad news for the millions of reluctant renters who are increasingly being priced out of homeownership in their own areas.

“In addition, the UK’s renters aren’t helped by the hugely unfair mortgage lending rules.

“Despite many having a sizeable deposit, significant numbers are still falling short of the strict lending criteria required to buy a home that works for them. As we head towards the end of 2021, we need to find new innovative ways to help more people get onto the ladder.”