House prices in the three months to January were 5.7% higher than in the same three months a year ago. Prices in the last three months (NovemberJanuary) were 2.4% higher than in the preceding quarter.

Martin Ellis, Halifax housing economist, said: "House prices in the three months to January were 2.4% higher than in the previous quarter; marginally down on 2.5% in December. The annual rate of growth eased to 5.7% from December's 6.5%, and is well below last March's peak of 10.0%. "The quarterly and annual rates of house price growth remain robust even though they are lower than in spring 2016. UK house prices continue to be supported by an ongoing shortage of property for sale, low levels of housebuilding, and exceptionally low interest rates. These factors are unlikely to change materially during 2017".