The UK housing market has seen stellar growth over the past few years regarding house prices. This has made conditions especially challenging for young buyers looking to grasp a position on the first rung of the property ladder. This, combined with large down payments has placed many people in a perpetual holding pattern as they look to purchase their first property. House prices are now taking a break in growth according to the Halifax.

Inflation in house prices is expected to stall through the rest of the year and remain unchanged. The current rate of inflation to May is slightly more than 9%. During the last twelve months, the only lower rate was during autumn of last year.

Demand is now falling within the housing market, especially in the capital city of London. This is creating more of a balance between the proverbial economic model of supply and demand.

According to Capital Economics, house price inflation has hit a high point for the year.

Martin Ellis of Halifax commented on the latest housing data, saying: "Low interest rates, increasing employment and rising real earnings continue to support housing demand. The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace in quarterly and annual terms.”

Ellis added: "Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses."

Slowdown in the growth of house prices could have an effect on remortgage activity, although lenders are still offering attractive deals with low interest rates and low to no closing costs.