House prices down by 1 per cent for July

Earlier this week, a report from the Resolution Foundation also revealed the plummeting numbers in homeownership across the UK, with Greater Manchester seeing the most significant drop of all.

The percentage of homeowners in the region fell fro 72 pc in 2003 to just 58 pc in 2016.

Martin Ellis, Halifax housing economist, said: “There are signs that house price growth is slowing with a deceleration in both the annual and quarterly rates of increase in the past few months. Nonetheless, the current rates remain robust.

“July’s monthly decline largely offsets June’s increase. The month-on-month changes, however, can be erratic and falls often occur within an upward trend. Overall, it remains too early to determine if there has been any impact on the housing market as a result of June’s EU referendum result.”

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