House prices fell in February

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House prices across the UK fell by 0.1 per cent in February, according to government figures.

Statistics from the Department for Communities and Local Government (DCLG) show that the average UK house price fell from £205,399 in January to £205,102 a month later.

Despite the slip the year-on-year rate of property value growth accelerated to 12.1 per cent, up from 10.9 per cent in January, however.

The DCLG said that price falls for bungalows, terraced housing and detached houses all contributed to the February slip, while the regions with the slowest growth rates were the Midlands, the north-west and Yorkshire and the Humber.

Experts have played down the significance of today's figures, claiming they do not reflect the current strong conditions of Britain's residential property market because they are not up-to-date.

"There are limited signs at best that house price inflation is beginning to slow and prices currently remain pretty elevated," Howard Archer of research firm Global Insight said.

"Despite the tentative signs that housing market activity may have peaked and buyer interest is beginning to wane, an acute shortage of properties means that pricing power is still largely in favour of the vendor in many areas," he explained.

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