LSL Acadametrics House Price Index – February 2014

©Bloomberg

Average UK house prices rose by £2,500 in February, an annual increase of 6 per cent compared to the same month a year earlier, according to the LSL Property Services/Acadata House Price Index.

The average UK house price was £257,951, a monthly change of 1.0 per cent.

David Newnes, director of LSL Property Services plc, owner of Your Move and Reeds Rains estate agents, said: “For so long the housing market had to duck for cover from the fierce economic storm, but with the economy firmly on the mend and the jobs market picking up, this is hopefully well and truly in the past. As we head into the typically busier spring period, we are seeing a further strengthening of buyer demand which, combined with a thumping start to the year from the mortgage market, has bolstered confidence across the board.

“Total sales in both January and February are significantly up on the same months in 2013, while the February total in particular was the highest since 2008. Both are indicators of how far we’ve come in the space of a year. Aspiring buyers are avidly queuing to take up the government’s Help to Buy scheme, with first-time buyers especially benefiting from the wider range of mortgage loans now available.”