UK house prices increased at the lowest annual rate seen in more than four years in June, a new survey shows today.
Property values in the UK were up by 2.6% year-on-year, marking the lowest rate since May 2013, Halifax said.
Annual house price growth in the UK is now running at around a quarter of the levels seen in March 2016, when property values were increasing by 10% year-on-year.
Across the UK, the average house price stood at £218,390 in June. This is £63,727 or 41% higher than a low point seen in April 2009.
On a monthly basis, house prices fell by 1% between May and June - the first monthly decline since January.
House prices between April and June were 0.1% lower than they were across the previous three months.
This was the third quarterly house price fall Halifax has seen in a row - the first time this has happened since November 2012.
Martin Ellis, a housing economist at Halifax, said that house prices have flattened over the past three months.
"Although employment levels continue to rise, household finances face increasing pressure as consumer prices grow faster than wages. This, combined with the new stamp duty on buy-to-let and second homes in 2016, appears to have weakened housing demand in recent months," the economist said.
"A continued low mortgage rate environment, combined with an ongoing acute shortage of properties for sale should help continue to underpin house prices over the coming months," he added.