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House prices dropped by 0.1 per cent month-on-month in July, marking the first decrease in more than a year, according to mortgage lender Halifax.

Across the UK, the annual rate of price growth slowed to 11.8 per cent, down from 12.5 per cent in June.

House prices slipped back for the first time since June 2021 in monthly terms and the market is likely to weaken further as interest rates go up and the cost-of-living squeeze tightens, Halifax said.

They had risen by 1.4 per cent this June.

The weakening of the house market comes after a boom triggered by the Covid-19 pandemic and the switch to working from home which pumped up demand for bigger homes, and by rock-bottom borrowing costs which are now rising again.

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.

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