Halifax House Price Index for January

House price growth hit a six-month low last month to 2.2%, Halifax figures show.

The latest Halifax House Price Index for January showed annual growth declined from 2.7% in December 2017, the lowest rate since July last year.

It was also the second consecutive monthly drop, with figures again down 0.6%.

The Index put average prices at £223,285 for January, which is still 1.9% higher than the same period last year.

Russell Galley, managing director of Halifax Community Bank, said: “Although employment levels grew by 102,000 in the three months to November, household finances are still under pressure as consumer prices continue to grow faster than wages.

“Additionally, it’s still too early to see any impact for first-time buyers from the abolition of Stamp Duty on purchases of up to £300,000, which was announced in the November Budget.

“Despite the recent rise in the Bank of England base rate, mortgage rates are still very low.

This, combined with an ongoing acute shortage of properties for sale, will continue to underpin house prices over the coming months.”