The Nationwide house price index showed that there was a 0.5% month-on-month rise, after taking into account seasonal changes.

The home ownership rate in 2019 rose slightly from the 63.5% recorded in 2018 to 63.8%, while the number of privately rented households increased marginally to 4.6 million.

However, data revealed a slight decline in the proportion of households that rented privately to 19.3%, one percentage point lower than the 2017 peak.

Robert Gardner, chief economist at Nationwide, said: “Looking ahead, economic developments will remain the key driver of housing market trends and house prices.

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“Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts, as well as the outlook for global growth.”

Lucy Pendleton, founder-director of independent estate agents James Pendleton, commented: “Sparks were flying after the election, but this month the housing market has ignited, with the Boris bounce providing the match.

“Boris’s emphatic election victory has retrieved the spanner from the works and the housing market is now positively humming.”

David Westgate, group chief executive at Andrews Property Group, believed that February would “set the tone” following Britain’s formal exit from the EU. 

Gareth Lewis, commercial director at MT Finance, added: “The Nationwide commentary reflects what we are hearing from estate agents — that buyers and sellers are starting to show more interest in moving, including cash buyers securing investment properties.

“[January] is never going to be a rocket month for transactions, but a steady increase in prices … is very positive.”