House prices cooled during February, with a 0.5% fall in the average house price figure.

The report from Halifax, the UKπs largest mortgage lender, states annual house price inflation is now 12.1%, down from 13.7% in January, and the lowest figure since December 2001.

The monthly inflation figure contrasts with Nationwideπs recent snapshot of the housing market, as Britainπs biggest building society stated that property prices increased by 0.5% in February.