According to the report from Halifax Bank of Scotland, on a monthly basis, house prices in January were 0.3% lower than in December. In the latest quarter (November to January) house prices were 1.6% higher than in the preceding three months (August to October). House prices were 5.4% higher than in January 2020.

Russell Galley, Managing Director, Halifax, said: “The average UK house price slipped by -0.3% in January, the biggest monthly fall since April last year. Whilst this pushed the typical property value down to its lowest level since October, at just under £252,000, prices are around £13,000 higher than a year ago. There are some early signs that the upturn in the housing market could be running out of steam, with the annual rate of house price inflation cooling to its lowest level since August. Industry figures for agreed sales remain well above pre pandemic levels but new instructions to sell have decreased noticeably, and total stock held by estate agents has risen to its highest level since before the EU referendum in 2016".