British house prices rose at their slowest pace in more than four years in the three months to July as households felt the pinch of inflation which is rising faster than wages, mortgage lender Halifax said on Monday.

Average house prices in the period were 2.1 per cent higher than a year earlier, slowing from a 2.6 percent increase in June’s figures and down from growth of more than 8 percent in July last year, Halifax said.

Economists in a Reuters poll had expected a 2.0 per cent rise.

Russell Galley, managing director of Halifax Community Bank, said the squeeze on spending power, plus the impact of property tax changes in 2016 and affordability concerns were weighing on demand.

Single buyers hit the most by rising property prices

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Reuters