Brokers have welcomed new figures showing that the pace of UK house price growth is continuing to ease.
House prices increased by 8.4% in the year to January, down from 9.8% in December.
And seasonally-adjusted prices fell by 0.2% in January, according to latest figures from the Office for National Statistics.
Annual house price growth is beginning to show signs of slowing across the majority of the UK
London continues to drive growth with prices up 13% in the last year.
Excluding London and the South East, UK house prices increased by 6.5% in the 12 months to January.
Brian Murphy, head of lending at Mortgage Advice Bureau (MAB), said the data will come as a relief to anyone concerned that the property market had taken leave of its senses.
"Measures to boost mortgage affordability checks have helped to instil a sense of calm and mean the pace of growth in house prices is looking far more sensible than a year ago."
Murphy said latest transaction figures from HM Revenue & Customs, also published yesterday, suggested that activity in the property market is on the rise after a slower end to 2014.
"Since December's stamp duty changes, UK property transactions have risen for two consecutive months and reached a five-month high in February on a seasonally-adjusted basis.
"Plenty of people are still intent on making a house purchase and those who need a mortgage to do so are increasingly leaning on brokers for advice."
With all-time low mortgage rates and the widest product availability since the financial crisis, the market should remain positive, Murphy said.
"The combination of calmer house prices, 0% inflation, increasing product choices and low cost borrowing adds up to a brighter outlook."
Stephen Smith, director, Legal & General Mortgage Club and Housing, said that despite the January dip house prices are much higher than at the start of 2014 and close to their 2007 peak in many areas.
"Although homeowners may see price increases as something to celebrate, steep rises are not good for the market.
"A healthy housing market should grow around the level of inflation to ensure that first-time buyers are able to buy a property and those who have already bought a house are able to move up the housing ladder.
"If house prices grow very quickly, then so-called second steppers can find it difficult to move house. This cuts down the supply of homes available for first-time buyers which can then lead to prices rising even further."
Andy Knee, chief executive of LMS, said the market is cooling in the run-up to the general election in May, as consumers wait for the outcome.
"The market jitters are likely to fade towards the second half of the year, once an elected party is established."
But he was concerned that prices paid by first-time buyers were 9.7% higher on average than in January 2014.
"Clearly, the cooling has not translated into a healthier first-time buyer market yet and even the Chancellor's new help to buy ISA will not solve all their problems."
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