The average London house price slipped back 1% between December and January, and is now the same as a year ago.

According to estate agents haart, the zero annual inflation for London compares with the overall UK rise in house prices of 8.8% over the last year.

Haart puts average UK house prices (measured at Sold Subject To Contract) at £204,260 for last month – 0.2% less than in December.

It says the average London house price, again SSTC, is £467,387.

Based on its own sales data, it estimates that in January there were 62,436 house sales, with nearly 41% of all mortgages written going to first-time buyers.

It estimates that January’s sales transactions were 13.1% down on December’s.

Haart chief executive Paul Smith said: “While December’s Stamp Duty reform has further stoked demand, this has not yet translated into sellers.

“Borrowers have never had it so good as highly competitive mortgages are in abundance, with lenders falling over themselves to gain market share. However, pre-election jitters appear to be spooking the market.”