From This is Money:
After a sustained rally from recent lows seen last winter, the Nationwide’s house price index fell by 1% in February, with the average home losing just over £2,000.
The building society said prices had dropped in February due to a combination of the severe winter weather during the early part of the year and the end of the Government’s stamp duty holiday.
The fall brought to close nine months of successive monthly house price inflation, which had seen prices bounce back from 17.6% down on an annual basis a year ago to up 9.2% year-on-year today.
However, the February dip meant that annual house price inflation failed to hit double digits, which Nationwide had forecast it would this month.
The average property is now worth £161,320, according to Nationwide, up £13,500 on a year ago.
Nationwide’s house price index is based on its mortgage approvals and its findings chimed with indications of a slowdown in property market activity in January, which would be expected…