Average house prices tiptoed down this month, Nationwide reported this morning. The building society said average prives in February were £211,304, down from £211,966 in January.

Nationwide chief economist Robert Gardner said house  prices are now just 0.4% higher than last year and that sentiment has ‘softened’.

Meanwhile, a separate report shows that agents missed out on buyers returning to the market as the year got under way.

NAEA Propertymark’s latest Housing Report found that members reported a drop in the number of house hunters registered per branch from 304 in December to 297 in January.

Year-on-year, demand has fallen by a fifth from 367.

First-time buyers bucked the trend, though, with the proportion of sales to FTBs hitting a six-month high of 26%.

Agents also said property supply fell by 14% in January from 42 in December to 36 per member branch, the same figure as January 2018.

Mark Hayward, chief executive of NAEA Propertymark, said: “January is usually the time where we’d expect to see house hunters flood the market following the festive lull; however, this didn’t happen last month.

“It’s normal that during a period of uncertainty, buyers put their plans on hold, and until there’s further clarity on what Brexit will mean for the market, we expect the level of house buyers to remain stagnant.

“However, it’s clear that people still want to sell their homes, and there’s properties available for those looking to move.

“While first-time buyers are taking advantage of this situation, those hoping to secure a property may well find the market is leaning in their favour, as the number of sales agreed per branch return to the level seen at the start of 2018.

“Although sellers are usually keen to hold off until they secure the ‘right price’, when the market is slow, they are typically more willing to negotiate. After all, when demand falls and supply remains the same, it’s a buyers’ market.”