British house prices fell by 0.6% on an annual basis in January, after a revised 2.2% decrease in December, the Office for National Statistics (ONS) said.

Wednesday's data contrasted with some other data which have shown house prices rose in January as demand picked up after an easing in mortgage costs and weaker inflation.

A slowdown in British consumer price inflation on Wednesday further bolstered investors' expectations of a first interest rate cut by the BoE in August.

The ONS's gauge of private rents rose by 9.0% in the year to February - the biggest increase since records began in 2015 and up from 8.5% in the 12 months to January. (Reporting by Suban Abdulla, editing by Andy Bruce and William Schomberg)