Average UK house prices increased by 5.5% in the 12 months to February 2023, down from 6.5% in January 2023, according to the Office for National Statistics (ONS).

The average UK house price was £288,000 in February 2023, which is £16,000 higher than 12 months ago, but £5,000 below the recent peak in November 2022.

The average UK house price has fallen for the third consecutive month, on both a seasonally adjusted basis and a non-seasonally adjusted basis.

Average house prices increased over the 12 months to £308,000 (6.0%) in England, £215,000 in Wales (6.4%), £180,000 in Scotland (1.0%) and £175,000 in Northern Ireland (10.2%).

Scotland’s annual house price inflation has generally been slowing since the recent peak of 13.8% in the 12 months to April 2022, slowing to 1.0% in the 12 months to February 2023.

The West Midlands saw the highest annual percentage change of all English regions in the 12 months to February 2023 (8.6%), while London saw the lowest (2.9%).

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Despite another small fall in prices month-on-month, the housing market is proving to be resilient. These are the most comprehensive of all housing surveys but the figures are a little dated, inevitably reporting on activity from a few months earlier when the market was in the doldrums.

“Since then, confidence has slowly improved in response to more choice and stabilising mortgage, if not base, rates.

“However, worries about inflation persist and buyers want to see value so are flexing their muscles before making decisions.”