Small two-bedroom homes and high-end luxury properties in Britain saw small price last month, new figures have revealed.
According to latest data from the National Association of Estate Agents (NAEA), the average price of a high-end executive property rose from £531,896 in January to £591,111 last month.
However, the NAEA said that these increases were cancelled out by falls in the value of three and four-bedroom homes .
House prices across the UK have been falling sharply over recent months due to the impact of the financial downturn, and have declined by almost 20 per cent in the past year according to estate agents’ surveys.
NAEA chief executive, Peter Bolton King said: "Smaller houses actually saw their value increase (from January to February), suggesting that people who are buying are picking up smaller houses than they may have done previously, possibly because they can only get smaller mortgages . It may also reflect a trend of downsizing."
"The very top end of the market has also performed well, demonstrating not only that the very rich can still afford a high end property, but that with plummeting interest rates are now perhaps more tempted to put their money into bricks and mortar," he added.
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