UK house prices rose 7.6% in the year to February 2016, down from 7.9% in the year to January 2016, figures from the Office for National Statistics show.
UK house prices rose 7.6% in the year to February 2016, down from 7.9% in the year to January 2016, figures from the Office for National Statistics show.
Annual inflation was 8.2% in England, 2.8% in Wales, -0.8% in Scotland and 2.4% in Northern Ireland.
Stephen Smith, director of Legal & General Housing Partnerships, said: “These latest figures show that house prices have continued their unrelenting climb into March, and it’s unlikely that we’ll see a change anytime soon.
“With the demand for housing continuing to grow amid a lack of supply, it’s hard to see anything other than more rises to come in the short to medium term.”
Annual house price increases in England were driven by an annual increase in the South East (11.4%), the East (10.3%) and London (9.7%).
Excluding London and the South East, UK house prices increased by 5.0% in the 12 months to February 2016.
On a seasonally adjusted basis, average house prices increased by 0.4% between January 2016 and February 2016.
Smith added: “The UK housing market is paralysed by the mismatch between supply and demand, and unless all parties with a vested interest in solving the crisis make a concerted effort to work together, we will continue to have a dysfunctional market, where the real loser is the consumer.”
In February 2016, prices paid by first-time buyers were 8% higher on average than in February 2015.
For owner-occupiers prices increased by 7.4% for the same period.
UK average mix-adjusted house price in February 2016 was £284,000.
