The average house price jumped by 0.4% or more than £1,000 in cash terms in July, Halifax has reported. Across the UK, the average property value in July was £298,237, up from £297,157 in June.

The group reported pre-tax profits tumbling to £98 million for the six months to June 30, down from £338 million a year earlier.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10 or higher.