By Jonathan Davies

The rate at which house prices are rising is slowing down, according to Halifax.

The UK's largest mortgage lender said house prices grew by 7.9% in July compared with July 2014. In June, prices were up 9.6% annually.

Halifax did stress that growth of 7.6% was still strong. Between June and July, prices were down 0.6%. It was the largest drop since April 2014.

The average house prices bought using a Halifax mortgage is now £198,883.