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The first fall in house prices for ten months could be a “positive development” that prevents the housing market from racing ahead of the general economy, Britain’s biggest building society has said.

The first fall in house prices for ten months could be a “positive development” that prevents the housing market from racing ahead of the general economy, Britain’s biggest building society has said.

House prices are on course for double-digit growth on an annual basis next month for the first time in three years, Britain’s biggest building society said.

Asking prices increased by 3.2 per cent in the four weeks to February 6, research indicated today. The jump was the biggest rise for homes in England and Wales since April 2007, according to data from Rightmove.co.uk, the property website.

The recovery in house prices has begun to slacken, with January’s figures showing the most modest monthly rise recorded for six months, according to Halifax.