UK house prices grow

House prices lifted by 9.4% year on year in February as consumer confidence continues to grow, Nationwide has reported

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House prices lifted by 9.4% year on year in February as consumer confidence continues to grow, Nationwide has reported.

The latest annual increase means prices are continuing to rise at their strongest pace in almost four years, with an 8.8% annual increase recorded in January.

Prices now stand at £177,846 across the UK after climbing by 0.6% month on month, with February marking the 14th month of increases in a row.

Despite the blossoming housing market, property values are still sitting at around 3% below their peak recorded in 2007, the building society said.

Robert Gardner, Nationwide’s chief economist, said housing market demand is being fuelled by the low interest rate environment, improved access to mortgages as well as rising consumer confidence amid an improving employment situation.

Meanwhile, a lack of supply of homes to choose from as demand grows is continuing to put an upward pressure on house prices.

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