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According to Halifax, the annual growth of house prices has stalled, while prices in the south of England have come under greater pressure.

Nationally, average real estate prices are largely unchanged from this time last year, with annual home price inflation slowing to 0.1 percent, from 1.6 percent in March.

House prices fell 0.3 percent in April from the previous month, after rising 0.8 percent in March.

Halifax said this meant the average property value in April was £286,896, compared to £287,880 in March.

The four regions of the south of England saw average house prices fall over the past year, with the South East recording the biggest drop, down 0.6% to an average house price of £387,469.

Kim Kinnaird, Director, Halifax Mortgages, said: “Cost of living concerns remain real for many families, which will likely continue to weigh on sentiment and activity.

“Together with the effect of higher interest rates gradually feeding into those who remortgage their existing fixed-rate deals, we should expect further downward pressure on home prices during this year.”

It comes after figures from rival lender Nationwide indicated house prices grew for the first time in eight months in April amid signs of a rebound in mortgage applications.

The lender said rates rose 0.5% from the previous month, with the annualized rate of decline also slowing to 2.7% from a 3.1% decline in March.

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