House prices rose by 5.1% on the year in February, the lowest rate since July 2013 and slowing from a 5.7% increase in January, figures from lender Halifax showed.
On the month, prices edged 0.1% higher, giving an average house price of £219,949.
House price growth is set to slow to between 1% and 4% by the end of the year, as a result of affordability issues, signs of reduced momentum in the jobs market and consumer spending pressures, according to Halifax.
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