British residential property prices rose by 2.9% year-on-year in February, the slowest pace since July last year, according to consultancy Halifax. Analysts surveyed by Trading Economics had on average expected a 3.1% rise.
The revised data also showed a rise of 2.9% in January, rather than the 3% previously announced.
In monthly terms, prices fell 0.1% after rising 0.6% in January.
As a result, the average cost of a property in the country was 298,602 thousand pounds ($385,400).
“February’s data reflects the balance of the British housing market,” said Amanda Bryden, head of Halifax’s mortgage division. – The frenzied demand for mortgages ahead of April’s rise in government fees is waning. Despite the housing affordability challenge, market activity remains strong and prices are expected to rise moderately this year on the back of tight supply and steady demand.”
