The figures also show that the annual growth rate has slowed down. November 2015 to November 2016 saw a 3.9% increase, however November 2016 to November 2017 saw a 2.7% increase. In December 2017, house prices fell by 0.6%. This was the first time in six months that prices declined.

According to Halifax, the average price of a home in the United Kingdom is £225,021, which is 2.4% higher than in January 2017, when the average price was £219,741.

The housing market in 2017, according to the figures, followed a similar pattern to the housing market in 2016, with growth slowing, whilst completed sales, mortgage approvals for purchases and building activity remained flat. “This has been driven by a squeeze on real wage growth and continuing uncertainty over the economy” according to Russell Galley, managing director of Halifax Community Bank.

Galley also comments that house prices in 2018 will be supported by low levels of housebuilding, the ongoing shortage of properties, high employment and low interest rates for mortgages. “Overall we expect annual price growth to continue in the range of zero per cent to three per cent at the end 2018”