Average house prices remained stable in June in the UK, registering an annual +5.7 per cent change, according to the latest Halifax House Price Index.

The quarterly increase in the house price was 2.4 per cent with the average price of home estimated at £237,100. “June’s annual change figure of 5.7% comes against the backdrop of a particularly low growth rate in the corresponding period in 2018, which has had an impact on year-on-year comparisons,” Halifax report said.

The house prices experienced a rise while mortgage approvals remained steady in the last three months. Bank of England industry-wide figures shows that the number of mortgages approved to finance house purchases – a leading indicator of completed house sales – are around 65,000 in April and May.

The UK Residential Market Survey by Royal Institution of Chartered Surveyors saw a slightly more stable picture coming through during May. The sales to stock ratio increased slightly to 31.5 per cent. Data from HMRC showed 89,810 home sales in May, indicating a stable market.

Though the delay in Brexit deal with the European Union has impacted the residential property market, transactions have remained stable. This indicates the faith shown by house-buyers and property investors in the UK real estate market.

Forecasts by various research agencies expect the property market to bounce back in the next two years.