Mortgage lending also slowed at the start of the year owing to the hangover from the stamp duty holiday. A separate Land Registry survey of house prices in England and Wales found that in the previous month, January, prices rose strongly by 2.1%.That was the eighth monthly rise in a row reported by the Registry and pushed the average house price up to £165,088 - 5.2% higher than in January 2009.
Blip:
A better indication of house price trends is available by looking at the three-month on three-month comparison available from the Nationwide.
UK house prices fell for the first time in 10 months in February as icy weather put off house hunters, the Nationwide building society has said.
This showed a 1.6% increase in the three months to February, having slowed from 2% in January and from the peak of 3.7% in September.
Prices surprised many commentators by remaining relatively buoyant throughout the second half of 2009.
The Nationwide said it was difficult to gauge whether February's fall was a "temporary blip" or the start of a new downward trend.
"There is evidence from a range of indicators that the market may have lost momentum in early 2010 as the stamp duty holiday ended and house hunters were obstructed by the icy weather," said Martin Gahbauer, chief economist for the Nationwide.
"Even without the impact of stamp duty changes and the snowy weather, it would have been surprising to see house prices maintain the very strong upward momentum seen for most of 2009."
Little increase in household incomes and relatively high unemployment could also have put the brakes on house prices.
Mr Gahbauer said that it was a "positive development" for house prices not to race away from these economic fundamentals.
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