UK house prices rose by 7.2% in the year to February, the ONS has reported, despite a small monthly fall of 0.2% compared with January.

It put annual house price inflation at 7.4% in England, 1.1% in Wales, 6.4% in Scotland and 14.2% in Northern Ireland.

House price inflation in England was driven by an annual increase in the east of 10.7% and in London of 9.4%.

The ONS put “average mid-adjusted” house prices at £280,000 in England, £170,000 in Wales, £152,000 in Northern Ireland and £194,000 in Scotland.

The average London house price was £490,000.

The lowest average house price was in the north-east, at £153,000.

Overall, the average UK house price in February was £268,000, compared with £270,000 in January.

Separate data, from the Council of Mortgage Lenders, shows that house purchase lending fell in February to 40,600 loans. This was down 1% on January and down 16% on February last year.

There were 18,700 loans to first-time buyers, again down 1% and 16%.

Paul Smee, director general of the CML, said: “As with January, seasonal factors have played their part in dampening house purchase lending activity in February.

“This typical seasonal trend may also be exacerbated by uncertainty ahead of the general election, but we still expect to see an upturn in the spring and summer months.”

* According to property website Home, asking prices have risen in all English regions and Wales over the last month.

Scottish house prices nudged down but are still 4.1% higher than a year ago.

Average time on the market is now 88 days, and the average asking price is now 6.5% higher than in April last year.