In England prices increased by 0.6% between January and February of this year while annually prices dropped by 1.1% with an average price of £298,000 — the North East saw the largest annual and monthly increases at 2.9% and 3.2% respectively.

Meanwhile, London saw the biggest decline in annual change with a decline of 4.8% and the West Midlands saw the steepest downward monthly decline (1.2%) since January.

New build property saw an annual increase in change of 16.4% and a monthly decline of 1.6% while existing resold property decreased annually by 2.5% with a monthly decline of 0.5%.

Industry professionals have given their take on the latest HPI index:

Mobeen Akram, new homes director at the Mortgage Advice Bureau:

“The latest UK HPI outlines a -0.2% annual price change for current properties, and a 16.4% annual change for new builds. This brings the average property price to £281,000 respectively.

“From these statistics, it’s clear that the ‘wait and see’ approach is slowly becoming a thing of the past.

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“Instead, buyers are now sticking their heads above the parapet and taking decisive action towards getting mortgage ready.”

Steve Griffiths, CCO at The Mortgage Lender: 

“With month-on-month house prices ticking slightly up, it appears as though some optimism returned to the property market following an unsettling year, largely owing to inflationary pressures and higher mortgage rates.

“However, with inflation falling, we’re seeing buyer confidence tick up again and translate to more positive market activity.

 “Spring typically brings with it revival in the market, and coupled with expectations that the base rate will fall in the coming months, we should see a trend of buoyed activity hold steady.

“Of course, with an election on the horizon this year and general affordability concerns still prevalent, homebuyers and sellers alike will be keeping a close eye on what this means for the market this year.”

Jeremy Leaf, estate agent and a former RICS residential chairman:

"Now rates have stabilised and the next move is likely to be downwards, particularly following lower inflation announced today, with demand improving.

"Sellers have also been busy and the net result is more choice while prices are up a bit and down a bit – a pattern we expect to continue over the next few months."