The housing market north of the Border has performed well in comparison to most of the rest of the UK, with annual growth having slowed to 0.1 per cent, which is the weakest rate recorded since November 2023.

Northern Ireland recorded growth of 7.4 per cent, the strongest in the UK, with a property price of £231,131. Wales saw annual growth of 1.6 per cent, taking the typical property value to £231,458.

The north east of England saw annual growth of 2.8 per cent, with an average price of £182,488, and the north west enjoyed a 2.1 per cent rise to £247,836. The south east saw an annual decline of 2 per cent, with prices averaging £381,146, while Greater London fell 1.3 per cent to £533,930.

Lloyds latest data showed, the average UK house price stood at £299,253 in July, down just £143 on the previous month.

Amanda Bryden, Head of Mortgages, Lloyds, said: “The UK housing market remained steady in July, with the average property price effectively unchanged over the month (-£143), following a slight rise of +0.2 per cent in June. 

“At £299,253, the average house price is now +0.1 per cent higher than a year ago, the slowest rate of annual growth since November 2023.

“More broadly, average house prices have remained relatively stable for almost two years, moving within a narrow range over that period and sitting just +0.5 per cent higher than they were in November 2024. That trend has persisted even as buyers and sellers have faced a more uncertain economic backdrop this year.

“Affordability remains a challenge for many would-be buyers. Looking ahead, we expect market activity and house prices to remain relatively stable over the remainder of the year. Developments will be shaped by both how mortgage rates respond to the outlook for inflation and wider household confidence.”