UK house prices post first annual increase in more than a year

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UK house prices rose more than expected in February, posting their first annual increase in more than a year according to lender Nationwide, adding to evidence of a market recovery as mortgage rates eased.

The average house price was 1.2 per cent higher last month than in February last year, after a 0.2 per cent contraction in January, marking the first annual expansion since January 2023. 

Prices rose 0.7 per cent from January, taking the average property price to £260,420.

The increase was more than economists polled by Reuters had expected. They forecast 0.3 per cent month on month and 0.7 per cent annual increases.

On Thursday, the Bank of England said mortgage approvals rose more than expected in January as mortgage rates retreated from their summer peak.

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