UK house prices declined on average by 2.3% in February, dampening hopes of a housing market recovery following January's 2% rise, according to the Halifax’s House Price Index.

However, Halifax's chief economist, Martin Ellis has emphasised that it is not unusual for house prices to fluctuate from month to month.

"Historically, house prices have not moved in the same direction month after month even during a pronounced downturn. For example, prices fell for seven successive months in 1989 but subsequently increased in three of the first ten months in 1990, even though the overall trend in prices was downwards," said Ellis.

The house price to earnings ratio fell to an estimated 4.4 in February, its lowest level in six years and down 24% from its peak of 5.8 in July 2007. The average price of a house in the UK now stands at just over £160,000.