The growth in house prices across the UK showed a significant slowdown in the year to March, according to the country’s biggest lender.
Prices rose by 3.8%, the lowest rate since May 2013, and down from 5.1% in the year to February, said the Halifax.
The inflation rate is now less than a half what it was a year ago.
Last week, the Nationwide said that house prices had actually fallen in the last month. The Halifax said prices had been flat since February.
The average price of a home in the UK is now £219,755, it said.
“The annual rate of house price growth has more than halved over the past 12 months,” said Martin Ellis, Halifax’s housing economist.
“A lengthy period of rapid house price growth has made it increasingly difficult for many to purchase a home, as income growth has failed to keep up, which appears to have curbed housing demand.”