By Daniel Hunter

House prices in the UK fell by 0.3% in February, according to Halifax.

It leaves the average price of a house sold by Halifax at £192,372.

The fall is the first since October, and follows growth of 1.9% in January. However, prices in the three months to the end of February were up 2.6%, compared with the previous quarter.

Quarterly figures are often seen as more reliable as they tend to eradicate the effect of monthly volatility.

Halifax's housing economist Martin Ellis said that low mortgage rates, stamp duty reforms, wage increases and higher spending power was underpinning the market.

Mr Ellis also said that despite political drives on house building, demand still outweighs the number of available properties.

"The supply of both new and second hand homes available remains low; another factor which is likely to be supporting house prices," he said.