June saw house prices fall by just under 1%, which makes then nearly 6.5% lower than the same time list year, but the June fall is less than half of that in May. Although house prices are still higher than a couple of years ago, the number of mortgages being granted in June are substantially down on the same time last year. In fact, last month saw 64% fewer mortgages agreed when compared to the same time last year.

House prices themselves remain extremely high, with the average price of a property in the UK now standing at £172,000. There is currently no end in sight for the rate crisis as it remains expensive for lenders to lend money to each other and the public, so we can expect subdued activity in the housing sector for some time to come.