UK house prices rose for a third consecutive month in February and at the fastest pace since June 2004, according to property consultant Hometrack's latest survey.
It said that prices rose by 0.4% during February, bringing the average cost of a home to £161,700 sterling, although prices were still down 0.5% on a year earlier. In January, Hometrack reported house prices rose by just 0.1% on the month and fell 1.04% on the year.
The group said the latest pick-up in house prices was underpinned by a surge in interest as the number of buyers registering with agents jumped 26% in February.
Bank of England policymakers left interest rates steady at 4.5% for the sixth month running earlier in February and noted that a cut in borrowing costs risked inflaming the recovering housing market.
