This is how far house prices fell in January

Helen Cahill
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Bristol's Booming Economy
Annual house price growth has been dropping since the EU referendum in June last year (Source: Getty)

House prices fell month-on-month in January, reversing the strong house price growth recorded at the end of last year.

According to Halifax's house price index, house prices fell 0.9 per cent last month. Year-on-year growth was 5.7 per cent, down from an annual growth of 6.5 per cent in December.

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Martin Ellis, Halifax housing economist, said: "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."

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the figures showed the housing market was "losing momentum". He said that while month-on-month falls in house prices were common, annual price growth "has fundamentally weakened since the referendum".

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