House prices rose by only 0.1% in the last month, according to property website hometrack.
A 0.1% rise was also recorded in each of the previous two months.
According to hometrack, house price rises have been restricted by a fall in the price of lower-value homes in London and the South East.
The survey has recorded virtually no change in London prices in the last month.
Hometrack said: “There is presently very little excess demand to lift prices over the next few months.”
For the eighth successive month, the percentage of the asking price that was achieved in the average sale fell, to 92.1%, suggesting that “more house price falls are likely”.
Prices in central London and the City fell 0.2%, while those in north London fell 0.1%.
The average London house price is £233,200.
House price falls were reported in 10 London boroughs, with the biggest falls occurring in Islington (0.5%), Hammersmith & Fulham (0.5%), the City (0.4%) and Wandsworth (0.3%).
Only two boroughs reported house price rises above 0.1%: Croydon (0.5%) and Bexley (0.3%).
A rise of 0.1% was reported in 13 London boroughs, with eight reporting no change in prices.
Prices in the West Midlands and Northumberland also remained static.
Elsewhere in the UK, house prices rose slightly, but only 13 counties reported house price rises of over 0.2%.
The average house price for the country as a whole edged up slightly, to £135,800.
The February survey reveals a seasonal 18% jump in the number of new buyers registered, while number of new properties listed with agents rose by 19%.
References: EGi News 24/02/03
