New figures indicate that the property market may have peaked as house prices showed a dramatic slowdown in June. Data from property information group Hometrack showed that an average home rose in value by only 0.3% in June, half the increase in May. Confidence, of course, has been hit by higher mortgage interest rates and the virtual promise of further rate rises to come.

With borrowing costs up and more property on the market, even the booming London market slowed down, with its increase in prices down to 0.7% from 1.3% in May.

Year-on-year to June prices were up by 6.4%; the figure in May was 6.7%. The number of properties available for sale in June was twice that in May. According to these figures the average cost of a home is now £176,100.

Across England and Wales prices rose in only 28% of postcode regions, down from 44% in April. The number of houses newly up for sales exceeded the number of new buyers.

Now experts are beginning to think that the market has peaked at last. Still, they are saying there will be no crash, but a gradual flattening of the market.

These figures contrast with those from Nationwide last week which suggested that June saw an acceleration of house price growth.

Experts say that figures should be looked at carefully. For example the increase in number of properties coming to market is largely as a result of vendors wishing to avoid the need for Home Information Packs as from 1 August. Some may also be wanting to sell to catch the market at the right time and get the maximum sale price for their property. But they may be too late.

Demand is faltering as a result of four interest rate rises in a year, with another widely expected this week. Also, house prices have surged beyond the point of affordability for many, especially first-time buyers. It may well be that the months ahead see a change of conditions to a buyers’ market.