House prices in the UK dropped during February 2010, which is the first time that a reduction has been recorded since June 2009. Research has shown that the end of the governments stamp duty break in December 2009, the terrible weather, which reports say we haven't seen for some 30 years and the increase in the number of properties being put up for sale are considered to be factors.

The price drop has been reported by the Halifax as being 1.5% in February compared with the previous month to leave the current average UK house price at £166,587.

Martin Ellis, housing economist at Halifax commented saying that the increase in the number of properties up for sale helped to reduce slightly the imbalance between supply and demand, which has led to a fall in the price of houses.

He added: "At the same time, the bad weather in the first two months of 2010, together with the return of the lowest stamp duty threshold to £125,000, are likely to have had an adverse impact on housing demand. The combination of these factors appears to have helped to curb the upward pressure on house prices."

Given the monthly price fluctuation, it is worth noting that prices were still 4.5% higher than the same time last year and actually 8% higher than their lowest which was recorded April 2009.

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