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According to the Financial Times, in the week that Article 50 has been triggered, the most searched Google term following the phrase "How will Brexit affect…" is house prices.

There is widespread concern that the economic fallout from the UK leaving the EU could undermine housing confidence.

So far, the FT says, that is how things are playing out: HMRC figures show transaction levels in the second half of 2016, after the Brexit vote, were down nine per cent on the same period in 2015.

Your Move has reported that house prices in Scotland increased by just 0.1% in January, or £137, making the average home in Scotland worth £171,407.

Over the last 12 months, however, average prices have risen by £2,600 – equivalent to annual growth of 1.5%.

Despite concerns over the Brexit vote, there’s been little impact on house prices since June, with fairly steady, but modest, increases. Annual growth is 0.5 percentage points higher than this time last year.

The average price of a home in Scotland fell by almost 2% last year but the total number of sales went up, according to a report.

Figures from Registers of Scotland (RoS) showed the average price of a residential property in 2016 was just over £166,000.

That was down from just over £169,000 the previous year.

The 1.9% dip in prices came as the volume of sales rose by 3.3%, to 99,860, during the same period.

Overall, the value of the Scottish residential market was found to be more than £16.5bn, an increase of 1.3%.

The amount of house purchase approvals has risen to £12.8bn according to figures released by the Bank of England.

The figures for house purchase approvals have been on the rise since October 2016.

Jeremy Duncombe, director at Legal & General Mortgage Club, said: “Today’s rise in mortgage approval figures highlights the resilience of the UK housing market.”

And he added: “With the Bank of England rate at 0.25%, borrowers have a perfect opportunity to take control and find the best deal for them.

First-time buyers and homemovers borrowed £128bn last year, 7% higher than a year earlier, end of year data published by the Council of Mortgage Lenders (CML) reveals.
First-time buyers borrowed £53bn in 2016, 13% more than in 2015 and higher than in any year since records began in 1974, the data showed.

Meanwhile, homemovers borrowed £74bn, up slightly by 3% on a year earlier. Remortgage activity was buoyant as existing homemowners withdrew £66bn to refinance their properties – an increase of 20%.

Nearly a third of properties in the UK’s cities and towns have been reduced in price since they were put on the market, new research has found.

According to figures compiled by online estate agent HouseSimple.com, 31.3% of houses currently on the market have had a price reduction.

HouseSimple looked at current listings on property website Zoopla for 100 major towns and cities across the UK and the percentage of properties listed that had been reduced in price.

The Council of Mortgage Lenders (CML) has estimated that gross mortgage lending totalled £20.4 billion in December 2016.

This is 4% lower than November (£21.2 billion), and 4% higher than December 2015 (£19.7 billion).

It brings the estimated total for the year to £246 billion, a 12% increase on 2015’s £220 billion and the highest annual gross lending figure since 2008.

The economists who compile the index said the figures are encouraging, but that rising inflation is likely to cool the housing market and restrict growth in 2017.

Scotland and the north of England led the charge, with the fastest rates of house price inflation – 6.5% and 6.3% respectively. However, Wales and Northern Ireland experienced the largest declines, falling 6.4% and 2.0%, followed by East Anglia at -1.5%.

The UK’s overall 2.7% rise in the three months to December contrasts with a 0.6% decline in prices in the three months to September.

Home ownership among 25-year-olds has fallen by more than half in 20 years, according to council leaders.

A survey carried out for the Local Government Association (LGA) by estate agents Savills showed that just 20% of those under 25 own their own property, compared with 46% two decades ago.

The LGA said social housing was vital to enable families to save for a home.

It asks the government to recognise a "renaissance" in house building by councils is needed.

The Council of Mortgage Lenders has revised down its lending forecast for 2017 in part due to the economic uncertainty of the UK plotting its exit from the European Union.

The trade association now expects the mortgage lending to hold steady at £248bn next year rather than the £261bn predicted in December 2015. The CML also forecast lending to reach £252bn in 2018.

Paul Smee (pictured), CML director general, said: “Overall, the mortgage market remains resilient but is likely to plateau rather than grow much for the next couple of years.