Average UK house price falls for first time in a year to sit at £293,221

The annual rate of growth eased to +11.8 per cent (from +12.5 per cent), with Wales showing the strongest annual growth in the country.

Russell Galley, Halifax managing director, said “While we shouldn’t read too much into any single month, especially as the fall is only fractional, a slowdown in annual house price growth has been expected for some time,” .

“The extremely short supply of homes for sale is also a significant long-term challenge but serves to underpin high property prices.”

Prices were expected to come under more pressure as “the headwinds of rising interest rates and increased living costs take a firmer hold,” with Galley forecasting a slowing of annual house price inflation as “the most likely scenario.”

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