Halifax sees house prices fall in February

House prices have fallen 0.3% in February, stated mortgage provider Halifax, as the general cooling of the UK property market continues.

Halifax recorded a rise of 2.6% for the three months to February on the previous quarter.

It said the average property price stands at £192,372 – 8.3% higher than this time in 2014. However, this increase had stood at 8.5% thanks to an unexpected 1.9% price rally in January.

Earlier this week, Nationwide also reported prices were down 0.1%, while the annual rate of growth slowed to 5.7%.

Halifax housing economist Martin Ellis, said a modest rise in activity was down to increases in real earnings and spending power, as well as further recent falls in mortgage rates and stamp duty changes.

He added that demand for homes is still higher than supply.

"The supply of both new and second hand homes available for sale remains low; another factor that is likely to be supporting house prices.

"Supply remains tight despite housebuilding in England increasing for the second consecutive year in 2014 and a recent rise in the number of properties coming on to the market."