The rate is down from 7.8 per cent in the year to January 2015.

Overall, UK house prices increased 7.2 per cent in the year to February 2015, down from 8.4 per cent in the year to January 2015. The new statistical bulletin shows that annual house price growth is showing signs of slowing across most of the UK.

On a seasonally adjusted basis, average UK house prices increased by 0.6 per cent between January and February 2015. In February 2015, prices paid by first-time buyers were 7.4 per cent higher on average than in February 2014.

The average house price in Scotland in February 2015 was £194,000, significantly lower than the UK average of £268,000 - but higher than the averages of £170,000 and £152,000 in Wales and Northern Ireland respectively.