Average house prices in the UK increased by 0.6% in the year to February 2019, down from 1.7% in January 2019, according to the Office for National Statistics (ONS).
This is the lowest annual rate since September 2012 when it was 0.4%.
Over the past two years, there has been a slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.
The lowest annual growth was in London, where prices fell by 3.8% over the year to February 2019, down from a decrease of 2.2% in January 2019. This was followed by the South East where prices fell 1.8% over the year.
In England, the February data shows on average, house prices have fallen by 0.6% since January 2019. The annual price rise of 0.4% takes the average property value to £242,964.
The regional data for England indicates that the North West experienced the greatest monthly price rise, up by 1.3%.
Yorkshire and The Humber saw the most significant monthly price fall, down by 2.5%.
Meanwhile, the North West experienced the greatest annual price rise, up by 4.0%.
The lowest number of repossession sales in December 2018 was in the East of England, while the highest number of repossession sales was in the North West.
Jeff Knight, marketing director for Foundation Home Loans, said: “While the Brexit delay may not exactly unleash a bottleneck of potential buyers, it will certainly help confidence in the market and we can expect to see activity increase over the next few months – particularly out of London.
“Sellers will be keen to jump on an opportunity to upwardly revise their asking prices as we move towards the Summer months, but there’s a limited window of time before this falters.
“So-called ‘second steppers’ are likely to continue regardless, but for first-time buyers still struggling with limited options, the rental market will remain the long-term choice.”
