Slight fall in UK property prices

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UK house prices fell 0.1% between January and February, according to the Department for Communities and Local Government (DCLG).

The government's official house price index, published by the DCLG, said the average home cost £205,102 in February, down from £205,339 in January.

Year-on-year though, UK house prices were 12.1% higher, the DCLG added.

The DCLG result differs from recent Halifax and Nationwide surveys which have shown house prices rising sharply.

Statistical quirk

Between January and February prices rose in five English regions but fell in four.

London and Northern Ireland again led the way, with both locations seeing prices rising.

The annual rate of house price inflation across the UK actually rose between January and February from 10.9% to 12.1%.

The reason for this statistical quirk - a monthly price fall but an annual rise - is that an even sharper fall in prices exactly a year ago dropped out of the figures.