House prices have fallen again as confidence in the property market continues to wane.

The average home was worth £257,406 in February, a fall of 0.5pc on the previous month

5 things to start your day 

1)  British electric van champion hit with legal threat over unpaid bill | Arrival was forced to fend off winding-up petition amid collapse in its share price

2) Sainsbury’s shuts Milton Keynes office after flexible working leaves 90pc of desks empty | Supermarket giant shuts office and announces plans to close two Argos warehouses

3) Looming risk for landlords as investigation launched into rental market | Consumer protection for renters to be examined in further blow for landlords

4) Shapps calls for coal-burning plants to remain open for another year | Facilities at Britain’s three remaining coal-fired power plants had been scheduled to close in 2022

5) Selfridges owners load up on £1.7bn of debt | Heavy borrowing against Oxford Street stalwart points to strategy aimed at maximising returns

What happened overnight 

Asian stocks have bounced off a two-month low and headed for their best day in seven weeks.

China's manufacturing activity expanded at the fastest pace in over a decade, new data show, injecting a jolt of optimism in hitherto gloomy markets.

China's official manufacturing purchasing managers' index (PMI) stood at 52.6 last month against 50.1 in January and was well ahead of an analyst forecast for 50.5, giving investors hope that China's recovery can offset a global slowdown.

MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.5pc to leave behind a two-month low made in early trading hours, before the data release.

Hong Kong's Hang Seng surged 3.2pc, with developers and consumer-tech stocks leading and only two stocks falling. Chinese stocks also received a boost, with China's blue-chip CSI 300 Index jumping more than 1pc.

Japan's shares recovered from earlier losses and ended higher, with the benchmark Nikkei 225 index climbing 0.3pc to close at 27,516.53, while the broader Topix index rose 0.2pc to 1,997.81.

Wall Street stocks finished lower after choppy trading, after new survey data showed that consumer confidence declined in February over concerns about about future employment and business conditions. 

The Dow Jones Industrial Average finished down 0.7pc at 32,656.70. The broad-based S&P 500 dipped 0.3pc to 3,970.15, while the tech-rich Nasdaq Composite Index shed 0.1pc to 11,455.54.

The 10-year Treasury yield rose 1.6 basis points to 3.938pc, meaning returns on the benchmark bond increased over 50 basis points in February.