Halifax has reported that house prices in the three months to January 2017 were 5.7% higher than in the same three months a year ago.

However, this figure is down from 6.5% in December, and is well below last March’s peak of 10.0%.

Prices between November 2016 and January 2107 were 2.4% higher than in the preceding quarter, down slightly on 2.5% in December.

The monthly change was a fall of 0.9%.

The average price of a home in January was £220,260.

Martin Ellis, the Halifax’s 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.

“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.”