1.9% annual growth in house prices was recorded in May, which fell to 1.8% in the year to June, illustrating the downward trend for growth.
Mortgage approvals have remained within the 63,000 to 67,000 range this year, with home sales losing impetus despite the strength of the UK job market according to Halifax.
Despite this, the robust labour market, low mortgage rates and a good level of affordability are "very positive factors" according to Russell Galley of Halifax.
"The continuing shortage of properties for sale should also continue to support price growth,"
In spite of the slowdown, the average UK property price has risen to £225,654, increasing from £217,620, recorded in June 2017.
There were some especially gloomy predictions at the start of the year, but even though the UK market has lost it's intensity growth-wise, a lack of supply and the continued affordability of mortgages are propping up the market according to Russell Quirk of Emoov.co.uk:
"These are not the ingredients for a market crash and it is highly unlikely that we will see anything other than stable growth and an uplift in market activity throughout the remainder of the year,"
Lower levels of enquiries and a lack of supply have contributed to house price growth falling to a five year low according to Nationwide's house price index.
According to Robert Gardner of Nationwide:
"There are few signs of an imminent change. Surveyors continue to report subdued levels of new buyer enquiries, while the supply of properties on the market remains more of a trickle than a torrent."
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