Property experts have warned recently the index from the ONS or Office for National Statistics is not reliable and possibly overstates growth. This is the claim after the months of December and January have been revised considerably following the prior reported estimates were made public. The reported rate during the month of December, for example, was 7.2% and has since been scaled back to 5.7%.

Along with house price growth slowing modestly, remortgage activity has slowed a bit as well. Remortgage is still making it possible for many households to save money off the cost of the monthly mortgage payment. Lenders remain competitive and are reaching out with deals providing great benefit to those looking to change their financial position. The slight cooling off period could be part of the normal occurrence which takes place at the end of one year and beginning of another, according to some experts.

According to those close to the UK housing market, house prices are still expected to rise this year at a minimum of 3%.

Lucian Cook with Savills commented on house price growth, saying: “The ONS index was trailed as a single definitive index for the UK housing market, providing more detailed information on transactions and house price movements at a local level and between different parts of the market. This was always going to be a huge undertaking, fraught with difficulty.

“However it continues to be blighted by issues around accuracy and reliability. These have been sharply brought into focus by the growing discrepancy in reported transactions numbers compared to figures coming out of HMRC.”