House prices up in February

The latest Financial Times House Price Index makes good reading for UK homeowners.

According to the index, the average UK property price increased by 0.5 per cent between January and February.

It took the price of a typical property to £231,530, with annual growth at 6.1 per cent.

Annual inflation was highest in London, where prices increased by 12.7 per cent, and more specifically in Kensington & Chelsea, where prices rose by 27.3 per cent.

The south-east of England witnessed annual inflation of 7.8 per cent and the south-west saw average house prices increase by 6.8 per cent year-on-year.

The 0.5 per cent monthly figure for the whole of the UK will be particularly welcome to homeowners considering some of the other recent results.

In January, growth reached 0.1 per cent, while a loss of 0.1 per cent was recorded in December and a loss of 0.2 per cent was witnessed in November.

Chancellor Alistair Darling recently said that he believes the UK housing market is "fundamentally strong".

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