House price growth picked up again in July after a slow June, the Halifax has revealed.

In its latest house price survey, the lender revealed that the market grew by 0.7 per cent in the month, an increase from 0.4 per cent in June, with the annual three-month rate rising from 10.7 per cent to 11.2 per cent.

Despite the improvement, July's figures make it the fourth consecutive month during which the rate of growth was less than one per cent, with experts seeing this as proof that the market is slowing down in response to the five recent interest rises.

"We expect the downward trend in house price growth to continue as the five interest rate rises since last summer have an increasing impact on household spending and housing demand," said Martin Ellis, chief economist at the Halifax.

"Sound economic fundamentals, high levels of employment and a shortage in the number of properties available for sale, particularly in London and the south east, will, however, continue to support house prices."

These latest figures come ahead of today's announcement from the Bank of England concerning interest rates, with the monetary policy committee widely expected to hold the cost of borrowing at 5.75 per cent.