The annual rate of house price growth remained broadly stable at the start of 2017 at 4.3%, only modestly below the growth rate in December of 4.5%. House prices increased by 0.2% over the month, after taking account of seasonal factors.

The outlook for the housing market remains clouded, reflecting the uncertainty surrounding economic prospects more broadly. On the one hand, there are grounds for optimism. The economy has remained far stronger than expected in the wake of the Brexit vote.