Today Halifax release their latest figures on the UK housing market, detailing price growth in January as the market kicks back into action after a quite Christmas period.
The latest figures show that the UK market remains in good health going into 2017, with prices having increased both annually and when compared to the last quarter, although monthly there had been a seasonal drop of -0.9% as the market gets back up to speed for the New Year.
The eMoov CEO provided his reaction to the figures and what this means for the coming year.
There are those that will, of course, see this marginal monthly drop in house prices as a fulfilment of the Armageddon style prophecies that have plagued the UK market since the start of last year, with many widely predicting a troublesome year ahead for property.
But these figures demonstrate the robust, Teflon style nature of the UK market, as, despite a turbulent year for property, it has weathered the storm and continues to see upward price growth both annually and when compared to the last quarter.
January is always a lethargic month for UK property as a result of the Christmas break and so any fall in house prices at this time of year should be taken with a pinch of salt, rather than a handful of panic.
Mortgage approvals have continued to increase and demand remains woefully low, so it is likely that come this time next month, prices will be on the up again across the board and this monthly drop will have righted itself.
Had any other market around the world been subject to such a sustained period of scaremongering and uncertainty amongst buyer and seller as the UK market has in the last year, I expect it would be a different story to the one we are seeing here.Russell Quirk