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House prices 'hit by slight fall'
The price of property in the UK dropped by one per cent in February compared to the previous month, new research has revealed.
Figures from building society Nationwide have highlighted the average cost of a home in the UK now stands at £161,320, which still remains 9.2 per cent higher than 12 months ago.
While the organisation has stated that it is too early to say if the drop is the start of a new trend, it is thought the decline could be explained by the recent inclement weather and the expiry of the stamp duty holiday.
Martin Gahbauer, chief economist of Nationwide, said: "New buyer enquiries dropped sharply in the New Year and there was also an associated drop in the number of new mortgages taken out by homebuyers in January.
"This drop in demand seems to have fed into agreed prices during February."
Recent research launched by the British Bankers' Association revealed that gross mortgage lending in the UK fell significantly during January.