According to the report from the Office for National Statistics (ONS), average house prices fell by 0.2% per annum in February after falling by 1.3% per annum in January (revised from -0.6%). It was the sixth consecutive monthly decline. Economists had expected prices to rise by 0.2% per annum. On a non-seasonally adjusted basis, average house prices increased by 0.4% between January and February, compared with a decrease of 0.7% during the same period 12 months ago.
The ONS said that the average house price fell to 281,000 pounds in February. Average house prices decreased in England (-1.1%, to 298,000 pounds) and in Wales (-1.2%, to 211,000 pounds), but increased in Scotland (+5.6%, to 188,000 pounds).
Separate data showed that in March the average UK private rent rose by 9.2% per year after an increase of 9.0% per year in February. That represents the highest annual percentage change since this UK data series began in January 2015. Average monthly rents increased to 1,285 pounds (+9.1%) in England, 727 pounds (+9.0%) in Wales and 947 pounds (+10.5%) in Scotland. In England, private rent inflation was highest in London (11.2%) and lowest in the North East (6.1%). In Great Britain, the average private rent was highest in Kensington and Chelsea (3,305 pounds) and lowest in Dumfries and Galloway (475 pounds).