"While we have seen occasional and marginal declines in house price growth over the last year, the market remains in pretty good health considering."
The annual growth rate slowed from 5.0% in December 2017 to 4.9% in January 2018, but has remained broadly around 5% since 2017.
The East Midlands showed the highest annual growth, with prices increasing by 7.3% in the year to January. This was followed by the South West at 6.9% and the West Midlands and East of England (both 5.3%).
The lowest annual growth was in the North East, where prices increased by 0.7% over the year, followed by London at 2.1%.
The local authorities with the largest annual growth are largely in Scotland with the Orkney Islands, East Lothian and West Lothian placing the highest.
The Orkney Islands have also enjoyed some of the largest growth so far in 2018, second to Kensington and Chelsea.
Founder and CEO of Emoov, Russell Quirk, commented: “A predictably slow start to the year and one that will subside as a larger degree of activity returns to the market over the coming months.
"This lethargic start will no doubt be welcomed by those who have persistently talked the market down, using a slow in house price growth to add further fuel to the flames of a shambolic Brexit process.
"But while we have seen occasional and marginal declines in house price growth over the last year, the market remains in pretty good health considering.
"As we drift closer to our European divorce an inadequate level of suitable housing stock to satisfy even a reduced level of buyer demand, will see prices remain stimulated regardless of any wider external influences.
"Those buyers and sellers that are still sat on the sideline waiting for the impact of Brexit to hit, or for their property to regain the marginal value it may have dropped, may want to reconsider their position on the fence. Remaining there for too long will result in nothing but splinters as the rest of the market goes about its business as usual.”
Jeremy Leaf, north London estate agent and former RICS residential chairman, added: "We have found house prices to be rather volatile over the past few months - up a bit, then down a bit. On the one hand, they have been supported by low interest rates and shortage of stock but on the other compromised by squeezed affordability and Brexit uncertainty.
"No region reflects this pattern more than London, which is showing again that price rises are lagging behind most of the rest of the country, mainly due to previous overheating and now availability of more stock.
"Successful sellers are the ones who are recognising the new market realities. Property needs to stand out one way or another to gain attention."
