The year of frenetic house price growth in the UK is over, according to new data from the Halifax.
Despite a 0.1pc rise in house prices from July to August the monthly, quarterly and annual growth rates all slowed following an unexpectedly hot July in the housing market.
House prices rose 1.2pc from June to July – the biggest month-on-month rise since February, falling back to 0.1pc in August.
The quarterly growth rate jumped from 2.3pc in the three months to June to 3.5pc in the three months to July as the banks got to grips with new, stricter mortgage regulations.
However, the quarterly growth rate then slowed to 3pc from July to August.
Although August is traditionally a quiet month in the UK housing market, due to school holidays, the monthly growth rate grew 0.7pc in the summer of 2013, compared to 0.1pc this year.
A fall in monthly, quarterly and annual house price growth seems to indicate that the frenzied surge in values – seen in the supply-stricken yet popular areas of London and the south-east – is now coming to a halt.