"The withdrawal of support for the housing market has levels of stock finally begun to see a cooling of prices and stock levels. Although January is traditionally a slow month for the market, data released yesterday showed that a levelling off of prices is taking place.

Last month saw overall house prices rise by just 0.3% versus a 1.1% rise in December and a market expectation of a rise closer to 1%. This left the annual rate unchanged at 9.7%.

The rise in the cost of living that will begin to bite in a couple of months will also have a cooling effect on house prices as potential buyers decide to stay put.

This week will also see the release of a slew of data that falls into both the rear-view mirror and leading indicator categories.

GDP data for December and the fourth quarter will be released. While the annualized figure will most likely be a very healthy 6.4%, on a monthly basis, growth is expected to have slowed by around a half of one percent.

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