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Home owners saw their property values rise by 1.8% in February, according to the Halifax mortgage lender.
That leaves the average home costing £192,233.
House prices increased by 1.8% in February. The annual rate of house price inflation is unchanged at 9.9% for the third successive month.
On a quarterly basis the rate of house price growth has more than halved. Over the past three months, UK house prices have increased by 2.3%, compared to 4.7% in the previous three months.
Other housing market indicators suggest a modest slowdown in activity is emerging. New buyer enquiries fell in January, following a slowing in the final three months of 2006. Mortgage approvals in January were 6% below the peak seen in November 2006. Negative real earnings growth is also putting pressure on householders' finances.
The market remains very tight. Low supply - both in terms of new housebuilding and secondhand properties available for sale – is continuing to exert upward pressure on house prices, particularly in London. The ratio of completed home sales to the stock of available property increased further in January, making market conditions the tightest for more than two and a half years.
While a shortage of housing supply had contributed to the rise there were still signs that interest rate hikes had cooled demand, the bank said.
The monthly increase helped keep the rate of annual house price inflation at 9.9% for the third successive month.
The latest housing statistics suggest that the monthly rate of increase is quickening, up from 1.3% in January and a drop of 1% in December.
But on a quarterly basis, growth has more than halved, Halifax said.
Signs that housing market activity is slowing……
A number of key housing market indicators suggest that the three interest rate rises since last August are contributing to a dampening of housing demand.
The latest Bank of England figures show that mortgage approvals to fund house purchase in January were 6% lower than the recent peak from November 2006.
New buyer enquiries fell in January following a slowing in the final three months of 2006, according to the latest RICS monthly survey.
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