Price growth up 5.8% in February

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House price growth reached 5.8% in the year to February across the UK on an annual basis, the government’s UK House Price Index has found.

East of England led the way with growth of 10.3%, while it was most subdued in Wales (1.8%).

Monthly inflation rose by 0.6% while the average house price stood at £217,502.

Jeremy Duncombe, director of Legal & General Mortgage Club, said: “It might be over two months since the government announced its Housing White Paper, but as these figures show, house prices are continuing to rise at a rate that is only widening the affordability gap.

“In fact, according to recent data from broker Private Finance, just five out of 304 occupations have seen enough of a wage rise in the past five years to enable workers to afford the average UK home.

“Supply and demand remains the key cause of the housing crisis, and it will take time for the government’s measures to have an effect.

“There is no quick fix, but by beginning the process of building thousands of new homes to deliver on the promises of the Housing White Paper, we can begin the road to a fairer market that works for everyone.

“It will be interesting to hear the Housing Minister’s thoughts on the White Paper when he is questioned in Parliament later this month.”

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