According to the UK's Office for National Statistics (ONS), as of February, house prices in the UK have risen by 5.5% in the past 12 months, which is a slower increase compared to the previously revised 6.5% surge in January. The ONS also noted that London had the lowest annual growth rate, with house prices increasing by 2.9%. Recent assessments of the UK property market have presented a mixed picture, with mortgage lenders Nationwide reporting a 3.1% decline in house prices in the year up to March, while their competitor, Halifax, claimed that house prices have increased by 1.6% year-on-year.