House prices in the latest three months (September-November) were 1.4% higher than in the preceding three months (June-August), according to the latest information from Halifax. The quarterly rate of change fell from October’s 2.8% to the lowest since December 2014 (0.3%).

The research also shows that prices in the three months to November were 9.0% higher than in the same three months a year earlier, which is lower than October’s 9.7%, but within the narrow range seen throughout 2015.

Other key facts from the Halifax report include:

• House prices fell by 0.2% between October and November. This followed last month’s 1.0% increase, continuing the monthly volatility seen since the summer. Halifax says that the quarter on quarter change is a more reliable indicator of the underlying trend.
• The value of the UK's private housing stock in August 2015 was estimated at £5.1 trillion. This compares with £3.3 trillion in 2005; an increase of £1.8 trillion – or 53% - over the past decade. The increase of £1.8 trillion since 2005 is equivalent to £76,316 per household in the owner-occupied and private rented sectors.
• Home sales were broadly flat in October. UK home sales fell marginally (-0.2%) between September and October, to 105,490. Sales in the three months to October were 4.7% higher than in the same three months in 2014.
• Supply has dropped to a new record low. New instructions by home sellers fell in October for the ninth successive month (and the 14th in the last 15). This contributed to the stock of homes available for sale declining to a new record low.

"Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year,” commented Martin Ellis, Halifax housing economist. "The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.”

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