House prices fell by 0.9% in January, according to Halifax, taking the average UK property price to £220,260.

Annual house price inflation has fallen back to 5.7%, compared to 6.5% in December and 10% last March, as the rate of growth eases.

Martin Ellis, Halifax housing economist, said: “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.

“Nonetheless, weaker economic growth and increasing pressure on spending power, along with affordability constraints, are expected to dampen housing demand, resulting in some downward pressure on annual house price growth during the year.”

Rob Weaver, director of investments at property crowdfunding platform Property Partner, added: “Despite a slight dip in January, the trajectory for house prices over the long-term looks more likely to be upwards.

“Property prices have been remarkably stable even with multiple tax changes and the spectre of Brexit. The harsh reality for those trying to buy is that there’s a critical shortage in supply, which is underpinning the market.”