During the month of February, prices of residential properties declined by 1.5%, the first recorded decline since June 2009, and after seven consecutive months of hikes.

As has been shared by Halifax, the largest mortgage provider in Britain, a rise in the number of properties put up for sale, with recent improvements in market conditions encouraging more homeowners to try and sell their properties, had assisted in brining down the ongoing imbalance between demand and supply.

Currently, the average house price in Britain is about 166,587 Pounds.

Despite a small monthly fall, prices of homes in February were still about 4.5% higher on a yearly basis, which is the largest rise in the yearly rate of change, which is measured by the average for the very latest quarter against the same period for the previous year.

"The fall in house prices in February reported both by the Halifax and the Nationwide is supportive to our long-held view that house prices will be prone to corrections in 2010 and will probably be no better than flat over the year", said Howard Archer, of IHS Global Insight.