ONS: House prices rose 10.9% in February

UK house prices rose 10.9% year-on-year in February, Office for National Statistics (ONS) figures show. This is up from a 10.2% increase in January. February's increase exceeded forecasts, with analysts predicting a 10.1% rise. Prices were up 0.8% month-on-month, following a 1.1% monthly rise in January. The increase recorded in February took the average house price to £277,000, with this  £27,000 higher compared to the same month in 2021. House prices in England grew by 10.7% to an average of £296,000 in February. Wales reported a 14.2% rise to £205,000, while prices increased by 11.7% to £181,000 in Scotland and by 7.9% to £159,000 in Northern Ireland. The ONS data also shows that the private rental prices increased by 2.4% in the 12 months to March, with the increase hitting 3.3% if London is excluded. In related news, London house prices grew at an annual rate of 7.4% in the first quarter of this year, up from 4.8% in the same period last year and the fastest rate since 2016, according to the mortgage provider Nationwide. 

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