House prices in the UK were just 0.4% higher in February than a year earlier amid signs that the housing market has shifted more in favour of buyers rather than sellers in recent months.
In January, property values had been 0.1% higher than in January 2018 – which was the weakest annual growth in nearly six years, Nationwide Building Society said.
Across the UK, the average house price in February was £211,304 – a 0.1% month-on-month fall.
However, Dundee has seen a bumper property boost and risen considerably higher than the UK-wide market.
Figures released this week revealed an 8.7% rise in Dundee home sales for the final three months of last year plus a 9% boom in values.
Discussing the UK figures, Robert Gardner, Nationwide’s chief economist, said: “After almost grinding to a complete halt in January, annual house price growth remained subdued in February, with prices just 0.4% higher than the same time last year.
“Indicators of housing market activity, such as the number of property transactions and the number of mortgages approved for house purchase, have remained broadly stable in recent months, but survey data suggests that sentiment has softened.
“Measures of consumer confidence weakened around the turn of the year and surveyors reported a further fall in new buyer inquiries over the same period.
“While the number of properties coming onto the market also slowed, this doesn’t appear to have been enough to prevent a modest shift in the balance of demand and supply in favour of buyers in recent months.”