New buyer enquiries and agreed sales tip slightly negative.

The average house price has edged down by just £213 to £298,602.

Transactions are predicted to accelerate before April's stamp duty changes.

House price inflation ticks lower to 1.9% in response to higher mortgage rates and rising buying costs from April.

Annual inflation has been generally increasing since its low point of -2.7% in the 12 months to December 2023. 

The number of new sellers coming to market is 13% ahead of last year, with buyer demand up 8% and sales agreed up 15%.

The total value of housing stock is 3.5 times the annual GDP of the UK.

Sales market activity has levelled off but a further pick-up in properties available for sale is expected.

Regional divides mean the rate of annual inflation still slowed in two thirds of the UK’s nations and regions.

The annual rate of house price growth slowed to 4.1% in January, compared with 4.7% in December.