Highest house price growth for a year with Birmingham and Merseyside experiencing new peak
- Prices surge 0.6% in February yet annual rate of growth falls to 2.4%
- Merseyside and Birmingham currently experiencing peak prices - up 5% and 6.2% respectively
- East of England is top performing region in terms of prices, up 5.9%
House prices grew their fastest pace for 12 months in February, with average prices increasing 0.6%, double the rate in January. Strong performance in the East of England, new peak prices in Merseyside and Birmingham, and a return of growth in high value London property pushed average prices up to £297,832.
Despite this boost, annual house price inflation continued to fall for the twelfth consecutive month, dropping to 2.4%, the lowest annual rate since 2013. Estimated transactions in England and Wales in February, at 62,000, are also down 0.4% on January, but year-to-date remains higher than in 2015 and 2013.
Click here to see a more detailed report including a regional analysis and a review of house prices in the last 12 months.