The annual rate of house price growth fell last month for the first time since July, Halifax says.

The November Halifax House Price Index showed that the annual rate of growth fell to 3.9%, down from 4.5% in October.

This put average house prices at £226,821.

Monthly growth was at 0.5%, up slightly from 0.3% in October.

Quarterly growth, based on the three months to November, looked more positive, growing 2.4%, the fastest rate since January.

Russell Galley, managing director at Halifax Community Bank, said: “The imbalance between supply and demand continues to support house prices, which doesn’t look like changing in the near future.

“Further ahead, increasing affordability issues, as price increases continue to outstrip wage growth, are likely to curb housing demand and cause price growth to ease.

“We do expect the Government’s first-time buyer Stamp Duty changes to provide some stimulus to demand, particularly in London and the south-east where the impact is greatest.”

Separately, Halifax has found that the value of privately owned homes in the UK has risen by £1.94 trillion over the past decade to an estimated £6.02 trillion, giving an average value per household of £256,912.

Two-thirds (68%) of private property wealth is concentrated in the southern regions, up from 62% in 2007, while the share of wealth in northern areas has fallen from 44% to 38%, Halifax says.

There is a disparity when it comes to the proportion of privately owned properties that are owner occupied. The figure is just 62% in London while the corresponding figure is 77% in the south-west and 79% in the south-east.

This compares with 78% of private properties being owner-occupied in the north of England and the midlands and more than 80% in Scotland, Wales and Northern Ireland.