House prices increased in February, according to the latest Assetz House Price Watch.

The report, which is a summary of all the major UK house price indices, put month-on-month inflation at 0.7 per cent.

Annual inflation stabilised as well, remaining at 5.4 per cent - the same figure recorded in January.

According to Stewart Law, chief executive of Assetz, the index represents a step in the right direction.

"Have we witnessed an end to the reducing rate of house price growth? With annual house price growth stabilised at 5.4 per cent for the second consecutive month, and monthly house prices up 0.7 per cent in February - quite possibly," he said.

"I anticipate that we''ll see a continued stabilisation and even an upturn in monthly house price growth over the following months, with annual growth still likely to stabilise at around five per cent for the year," continued Mr Law.

The Financial Times recently put house price growth in February at 0.5 per cent.