THE average UK house price slipped 0.5% in February but is at broadly the same level as last spring, lender Halifax said.

The monthly fall to an average of £160,118 offset January's 0.6% improvement and meant prices in the three months to February were 1.1% lower than the previous quarter.

The lender said demand was being propped up by low interest rates and the limited supply of properties for sale.

Its housing economist, Martin Ellis, said signs that the UK will avoid slipping back into recession were positive for the housing market outlook.