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Annual house price growth down again in February

The rate of annual house price growth declined during February for the sixth consecutive month, it has been revealed. According to the Land Registry's house price index, which is generally regarded as one of the most accurate of the regular property sector studies, the rate of annual house price inflation fell to 5.3 per cent during the month. By way of comparison, in January the figure had stood at 6.4 per cent. The decline was prompted by the average price of a home remaining static during February at £185,616. However, declines were noted in many areas of the country, with prices in south Wales down 1.1 per cent, while perhaps more significantly in London, where the average cost of a home fell by 0.4 per cent. The figures are evidence of further weakening of the property sector and come after Nationwide recently announced it had downwardly adjusted its forecast for house price growth this year and now expects a "modest fall".

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