House prices in the UK for February have declined in comparison to the previous month, it has been revealed.

According to a survey carried out by Building Society, Halifax, house prices in the UK are down by 0.5% and the average value of a house in the UK has now dropped in total by 1.9% when compared with the same period last year.

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Halifax claim that the average cost of a UK home now comes in at around £160,000.

February's fall in property values comes after a 0.6% rise in prices during January, according to data collected by mortgage lender Halifax.

Halifax's housing economist Martin Ellis said: "significant uncertainties faced the outlook for house prices during the rest of 2012.

"The prospects for property prices depended on events in the eurozone and the potential knock-on effects on the UK."

(LB/GK)