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House prices 'fall in February'
The price of property in the UK fell by 1.5 per cent during February, according to new research.
Halifax's latest House Price Index revealed that the drop was the first seen since June last year, although the value of properties is on average eight per cent higher than last April.
According to the financial services firm, it is thought that activity in the housing market over the past few months has been adversely affected by both the stamp duty change and bad weather.
Martin Ellis, housing economist at Halifax, added: "There has been a decline in the underlying rate of house price inflation - measured by a comparison of the latest three months with the previous quarter - over the last few months.
"An increase in the number of properties available for sale has helped to reduce slightly the imbalance between supply and demand."
Nationwide recently suggested that the average cost of a home in the UK now stands at £161,320.