Prices in the last three months to January were 2.2% higher than in the same three months a year earlier, although the annual change in January was lower than in December (2.7%).

House prices remained unchanged in the recent quarter (November-January) from the previous quarter (August-October); on this measure prices are down from the 1.3% quarterly rise recorded in December.

On a monthly basis, prices fell for the second consecutive month in January (by 0.6% following a 0.8% decrease in December).

The average price of £223,285 at the beginning of the year is 1.9% higher than in January 2017 (£219,217), however, the current price has edged down after recording £226,408 - highest on record - in November.