Residential property prices in the UK held steady in August, increasing by 0.3% to an average of £233,541, new figures from Halifax show. Year on year they were up by 1.8% and on a quarterly basis there was little change with a rise of 0.1%.

Russell Galley, Halifax managing director, said that prices have been flat in the last six months, with the average house price hardly changed since March. “While ongoing economic uncertainty continues to weigh on consumer sentiment with evidence of both buyers and sellers exercising some caution, a number of important underlying factors such as affordability and employment remain strong,” he said.

He added: “Although the housing market will undoubtedly be influenced by events in the wider economy, it continues to show a degree of resilience for the time being. We should also not lose sight of the fact that the single biggest driver of both prices and activity over the longer term remains the dearth of available properties to meet demand from buyers.”