Not wanting to be second guessed, growth in UK house prices fell back in February – suggesting January’s surprise spike was a short-term rise, rather than the beginning of a permanent recovery in growth.

Prices rose 2.2 per cent in the year to February, down from a 3.2 per cent the month before, representing the first fall in six months. The figures echo research by the Centre for Economics and Business Research published last week, which suggested consumer confidence in house prices rising has fallen to the lowest levels since the Brexit referendum. How things play out for the rest of the year will evidently be determined in large part by developments in the wider economy and the path of interest rates, though Brexit developments will also be a key factor.

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