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According to government figures, UK house prices fell slightly between January and February 2007. Prices continued to rise in 5 regions, with London and Northern Ireland seeing the greatest increases. However, four regions did note a drop in the average price. This means there was an overall fall of 0.1%, with the average house price at £205,102 in February, down from £205,339 in January. The official house price index is published by the Department of Communities and Local Government (DCLG).
However, the annual rate of house price inflation was up to 12.1% in February compared to 10.9% in January. At first sight this annual rise at the same time as a monthly fall may not make sense. However, the reason is that there was also a monthly fall in the same period last year.
The figures from the DCLG do not agree with other recent surveys. Both the Halifax and Nationwide have said house prices continue to rise sharply. The Royal Institution of Chartered Surveyors have also said that prices have risen for 17 months in a row, up to and including March this year. This was according to a survey of their members who are also estate agents.
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