Data published by Nationwide Building Society showed that UK house prices rose by 1.7% in February, compared with an increase by 0.8% in January. It was the seventh monthly increase in a row. Economists had expected price growth to slow to 0.6%. Meanwhile, in annual terms, housing prices increased by 12.6% after an increase by 11.2% in January. Consensus estimates suggested an increase by 10.7% per annum. In general, the average price of a typical home increased by 29,162 pounds compared to February 2021, and for the first time exceeded 260,000 pounds (in January, the average price was 255,556 pounds).
"The growth of housing prices accelerated in February, while the annual growth was the most significant since June 2021. The price of a typical house increased by 29,162 pounds in annual terms, recording the largest increase in cash terms since 1991. Compared to February 2020 (before the outbreak of the pandemic), the price of a typical house has increased by 20% or 44,138 pounds," - said Robert Gardner, chief economist at Nationwide. - Now the economic prospects are particularly uncertain. However, it is likely that the housing market will slow down in the coming quarters. The decline in household incomes will intensify, and inflation is expected to exceed 7% in the coming months."