Prospective homebuyers might be inclined to step up their property search as real estate prices declined last month.

According to the latest House Price Index from Halifax, property values dropped by 0.2 per cent in July, following a 0.4 per cent decline in June.

This small dip in property prices resulted in average values in the UK falling to £236,120.

Managing director for Halifax Russell Galley said: “The average UK house price fell slightly for a second month, as the market continues to tread water with marginal increases or decreases in each monthly period.”

He went on to say: “Economic uncertainty continues to weigh on the market.”

However, Mr Galley noted that average prices have only fallen by less than £600 over the last three months, adding there is “comparative stability” in the market in spite of the uncertainty.

There has been a drop in house sales during the summer months, which could have influenced property values in June and July.

According to HMRC, there was a 16.5 per cent drop in home sales between June 2018 and 2019 on a seasonally-adjusted basis.

Despite the recent downturn in the market, property values have increased over the last year, rising by 4.1 per cent between July 2018 and July 2019.

Therefore, those who want to get on the property market might want to strike while the iron is hot and buy a home now that prices have fallen.

Once you have got your name on the deeds, you can start planning how to make your new house feel like home, from fitting it with your favourite furniture to installing a cosy limestone fireplace just in time for the cold winter months ahead.