House prices across the UK slipped between January and February as time ran out for prospective buyers to avoid paying hiked stamp duty.
According to Halifax, average prices fell by 0.1% over the month to £298,602 as a slowdown was seen across most areas of the UK.
Prices were up by 2.9% on an annual basis, which was unchanged from January.
“February's figures highlight the delicate balance within the UK housing market,” Halifax mortgages head Amanda Bryden commented.
“While there’s been talk of a last minute rush on new mortgages ahead of the changes to stamp duty, inevitably we’ve seen some of the demand that was brought forward start to fade as the April deadline ticks closer, given the time needed to complete a purchase.”
A temporary relief on stamp duty is set to be removed from April 1, leaving the nil rate at £125,000, against £250,000 currently.
First time buyers will pay the tax on homes worth over £300,000 in the meantime, compared to £425,000 currently.