Ashley Webb, UK economist at Capital Economics, said the Halifax data “supports our view that the housing market isn’t on the precipice of a new downturn”. He added: “Admittedly, we don’t expect house prices to rise much further this year either. But if we’re right to think that interest rates will eventually fall from 5 per cent now to 3 per cent, the resulting drop in mortgage rates should boost demand and give house prices renewed impetus next year. That may mean house prices rise by around 5 per cent in 2025.”