Sales average £288,455 in June but recent cuts in mortgage rates offer hope for market, says Halifax

House prices have remained “subdued” for a third month in a row, according to a leading lender, but a recent run of mortgage rate reductions is offering hopes of improvement in the market.

The average house price hit £288,455 in June, Halifax reported, down only 0.2% on the £288,931 recorded in May, as a shortage of properties kept prices high. House price growth on an annual basis remained unchanged at 1.6%.