House prices remain flat

House prices in the three months to February were 1.1% lower than in the previous three months, according to the latest Halifax House Price Index.

There was a 0.5% decline in prices in February, compared to a rise of 0.6% in January.

Prices in the three months to February were 1.9% lower than in the same period a year earlier. This measure of the annual rate was little changed from the previous month (-1.8%) and has been between -1% and -2% for the last five months.

Nationally, the average level of house prices is very little changed to last spring. The UK average price in February, at £160,118, was similar to that in April 2011 (£160,393).

Martin Ellis, Halifax’s housing economist, said: “Overall