House prices dipped 0.3% in February, the Halifax has reported.

On a “seasonally adjusted” basis, the average house price stood at £192,372, up 8.3% on a year ago and a rise of 2.6% on a quarterly basis.

Halifax economist Martin Ellis said house prices were being supported by lack of supply of both new and secondhand homes.

Halifax’s figures compare with Nationwide’s report on prices in February, which it put at £187,964, a monthly fall of 0.1%.

However, campaign group the HomeOwners Alliance disputed the Halifax figures.

Using an average of indices from the Land Registry, LSL, Nationwide, Halifax and Hometrack, it said house prices in February actually rose by 0.8%.