UK house prices growth slowed to its slowest annual rate in almost a year and a half in September, according to the latest figures from Halifax.
Annual growth eased to 1.3%, the lowest since April last year, down from 2.0% the previous month.
Prices in September edged down 0.3% month-on-month to an average of £298,184, cancelling out a 0.2% increase in August.
The slight monthly dip in house prices and a 0.3% increase since the start of the year "reflects a housing market that has remained broadly stable", said Halifax's head of mortgages, Amanda Bryden.
She noted that a typical first-time buyer home cost £236,811, up 1.7% year on year, and that affordability "remains a challenge", though mortgage rates have been coming down over the past two years, while steady wage growth has helped support buyer confidence.
"Although the broader economic outlook remains uncertain, with the affordability picture gradually improving, we continue to expect modest growth through the remainder of the year," she said.
Northern Ireland recorded the highest annual growth in September at 6.5%, with average prices of £216,496. In England, the North East led with growth of 4.8%, while London and the South East saw minimal annual increases of 0.6% and 0.2% respectively. The capital remains the most expensive region, with an average property value of £543,497.
Alice Haine, analyst at Bestinvest, said the data "suggests the market has not only failed to shrug off the effects of April’s increase in Stamp Duty Land Tax, but that speculation around possible reforms - including a national sales levy to replace stamp duty, capital gains tax on high-value main residences, council tax reform and applying National Insurance to landlord rental income – is creating a fresh cloud of uncertainty".
Daniel Austin, CEO and co-founder at lender ASK Partners, said "growth remains subdued as high borrowing costs continue to weigh on buyers".
He said mortgage pressures are likely to persist as the Bank of England takes a cautious view of domestic and global economic pressures.
"Markets are still pricing in a rate cut before year-end, but with inflation unlikely to return, mortgage pressures will persist," he said.