This represents the thirteenth consecutive monthly price fall, with prices now 13.4% lower than a year ago.
All ten regions in England and Wales are showing prices falling on an annual basis and the same is true on a monthly basis apart from Wales.
London has fallen into line and prices have been falling rapidly in recent months and the annual fall in February is only exceeded by the South East.
Peter Williams, chairman of Acadametrics, says: “The average house price is now £200,086, back to the March 2006 level, three years ago.
“More positively, the FTHPI index suggests that the rate at which prices are falling is slowing. In this downturn, November 2008 recorded the highest monthly drop at -2.2%. Since then, the rate of decline has eased almost every month, with March 2009 at -0.9%. This is also true on a three month rolling basis, down from -1.9% to -0.9%.”