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House prices in the U.K. fell 1% month-on-month in February, the Nationwide Building Society said Friday. That was the first fall in ten months. Economists had forecast 0.4% rise following a revised growth of 1.4% in January.
House prices increased 9.2% on an annual basis in the month, faster than the 8.6% rise recorded in January. But, missed economists' expectations for an 11% rise.
The relatively smoother three month on three month rate of house price inflation stood at 1.6%, down from 2% in January and from a peak of 3.7% in September 2009.
The average price of a typical property sold in the U.K. during February was GBP 161,320.
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