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UK annual house price growth lowest since March 2013, Halifax says

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UK annual house price growth lowest since March 2013, Halifax says

U.K. house price growth slowed to an annual 1.8% in February, the slowest rate since March 2013, from 2.2% in the prior month, mortgage lender Halifax said.

On a monthly basis, house prices added 0.4% in February after two consecutive months of declines. They had dipped by 0.6% month over month in January.

In the three months to February, house prices were down for the first time since May 2017, falling 0.7%, after recording zero growth in the quarter ended January.

The average house price in February stood at £224,353, up from the previous month's £223,285, Halifax said.

"House prices continue to remain broadly flat, as they have since the end of last year," said Halifax Community Bank Managing Director Russell Galley.

"Despite the November rise in the Bank of England base rate, mortgage rates continue to stay low by historical standards."

He added: "While we expect price growth to remain low, the low mortgage rate environment, combined with an ongoing shortage of properties for sale, should continue to support house prices over the coming months."