The Halifax has today reported the lowest house price growth for four years with house price growth down 5.1% in the last year to February.

According to the Halifax, there has been a “significant downturn” in house prices in the last year, even though the inflation rate is now less than half of what it was a year ago.

Whilst Nationwide has reported that house prices had actually fallen in the last month, Halifax has reported that house prices have been flat since February.

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Prices rose by 3.8%, the lowest rate since May 2013, and down from 5.1% in the year to February, said the Halifax.