British house prices increased by 5.5 per cent in the 12 months to February, the Office for National Statistics (ONS) said on Wednesday, slowing from January’s upwardly revised 6.5 per cent rise.

London was the region with the lowest annual growth, the ONS said, with prices there up 2.9 per cent.

More recent gauges of Britain’s housing market have shown a mixed picture. Mortgage lender Nationwide last month reported a 3.1 per cent fall in house prices in the year to March, while rival Halifax said prices rose 1.6 per cent in year-on-year terms.