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In other news, Halifax reports this morning that the average house price jumped by 0.4% or more than £1,000 in cash terms in July.

Across the UK, the average property value in July was £298,237, up from £297,157 in June, according to the lender.

Amanda Bryden, Head of Mortgages at Halifax, said challenges remain for those looking to move up or on to the property ladder but with mortgage rates easing and wages still rising, affordability is gradually improving.

She added: “We expect house prices to follow a steady path of modest gains through the rest of the year.”