Fresh analysis from Reallymoving points to a 2.5% monthly growth in house prices in January 2020.

This will come after 0.1% and 1.1% drops in November and December, the firm adds, making for a total three-month price rise of 1.3%.

The average completed sales price in January will come to £342,836, meaning an annual increase of 2.3% at the start of next year.

Reallymoving bases its projections on the purchase prices it captures when home buyers search for conveyancing quotes and other moving-related services on its comparison platform.

Buyers typically search for quotes three months before their purchase completes, which provides an indicator of house price trends over the months ahead.

It reports that it studied more than 18,000 conveyancing quote forms when forming its latest figures.

Reallymoving chief executive Rob Houghton says: “The most intense phase of the post-pandemic boom has now subsided bringing about a brief autumn lull, but the fundamental supply and demand imbalance continues to support prices and, while the threat of interest rate rises will give some buyers pause for thought, thanks to stress-testing by lenders most homeowners will be able to absorb small rate rises over an extended period of time without too much trouble.

“House price inflation for first-time buyers (FTBs) has been lower than for upsizers and downsizers, meaning FTB activity levels are reassuringly high at around 54% of all buyers – an encouraging sign of market health.

“An anticipated surge in new listings in the new year will drive activity, boost transaction levels and help existing sellers to complete chains.”