House prices in the UK fell by 0.2 per cent in February compared to the previous month, according to the latest property survey from the Nationwide Building Society.

House prices in the UK fell by 0.2 per cent in February compared to the previous month, according to the latest property survey from the Nationwide Building Society.

In its monthly report on the housing market, Nationwide said that the average price for a home now stands at £158,573.

The figures mark a significant decrease from Nationwide's evaluation of the market in January, which claimed that house prices rose by 1.5 per cent in. The decrease also pushed the year-on-year rate increase down from 4.4 per cent to 3.7 per cent.

Nationwide's senior economist Greg Fuzesi said: "As we enter the all-important house buying season in March, the prospects for house prices and interest rate policy will become clearer.

"It will also show whether February's fall is just a pause before the spring rush or the first sign of weak market fundamentals weighing down on prices."

According to the property website Hometrack's latest housing report, house prices in England and Wales rose by 0.4 per cent during February.