Expectations for house price growth in the UK fell to the lowest level in 18 months, according to Knight Frank and Markit Economics.

UK home-owners expect lower property valuations for the third month in a row, according to Knight Frank and Markit Economics' February House Price Sentiment Index.

Hopes for house price appreciation simmered to an 18-month low across the country, down to 68.2 this month, further below May's peak of 75.1. However, 10 out of the 11 regions covered reported property values to have gone up nonetheless in February, albeit at a slower pace. 

Scotland proved to be the exception as the only region to report a fall in house prices – and the only one to do so in 18 months. Despite this, home-owners in Scotland predicted values would climb over the coming year while those in the South-east proved to be the most optimistic about the next 12 months.

“The easing in house price sentiment indicates that the market is in for a steadier year than 2013 or 2014. While buying intentions are relatively high, there is less conviction that prices will rise strongly this year,” said Knight Frank's head of UK residential research, Grainne Gilmore.

Knight Frank framed the meeker price growth expectations in the context of affordability constraints and anticipation of May's election.

The outlook for housing market activity picked up marginally this month – 6.2 per cent of UK households are planning to buy a property in the next year, compared to 5.9 per cent in January.

“Improving mortgage availability, rising consumer confidence and a reduced likelihood of impending interest rate rises all look set to support UK property prices over the course of 2015,” said senior economist at Markit, Tim Moore. 

The Knight Frank/Markit House Price Sentiment Index survey, first carried out in February 2009, is based on monthly responses from around 1,500 individuals in the UK, with data collected from respondents aged 18-64.