UK housing market suffered for the second month in a row as prices slipped in February, suggests latest goverment figures.
That said, annual house price inflation was still up compared with figures for the same period last year, the Office of the Deputy Prime Minister says.
The ODPM survey reveals the average house price dropped from £162,559 in January to £160,937 in February - totalling a 1% slip - after previously suffering a minor fall in the beginning of the year.
The price fall, which comes as the ODPM figures is not seasonally adjusted, led the rise in annual house price inflation to slow down to 9.8% from 9.7% in January.
But it was still higher than for the same period a year ago when prices in Britain fell with 1.1%.
In England, however, house price inflation fell from 8.8% in January to 8.7% in February. Worst off was the South West region of the country, which experienced a drop from 7.9% to 4.4%. This is currently the lowest rates of inflation in the UK - also seen in the South East.
Apart from England, all the other home countries reported a rise in annual inflation.IFAonline
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