Although house prices have climbed higher over the past few months, initial estimates of overall growth within the UK housing market for the upcoming months have now been downgraded, according to the latest news from property experts. A sharper slowdown is now expected with several factors playing their parts to affect fundamentals and cause a pause in expansion.

Land Registry figures from January reflect a year on year house price growth of 6.2%, whilst during the month itself an increase of only 0.8% was reality. Going back to December, house price growth was originally reported at 7.2%, but since then has been downgraded to a more accurate, 5.7%. This downgrade to a much lower figure mirrors the data which was posted for the month of November of last year as well.

These two pieces of data led some experts to believe the market was not as buoyant as originally estimated. This data was also described as something which should be taken with a “pinch of salt,” referring to the fact that December is typically a sleeper month within the UK housing market and that data usually bounces right back at the beginning of the year.

Jonathan Hopper, managing director of Garrington Property Finders, commented on the data just surfacing, saying: “All three of the UK’s fastest-rising markets have slipped below the double-digit rates of annual price growth they were clocking in 2016.

“Such blistering price inflation was always going to be unsustainable, and across the UK prices are now rising at a more halting pace as an uneasy standoff plays out between cautious buyers and sellers who know they have less competition than usual.”

Hopper added: “While the lack of supply is steadily nudging up average prices, pragmatic vendors are realising that this is anything but a seller’s market. Astute buyers are increasingly able to ask for, and secure, sizeable discounts."