House prices rise 5.4% in February

UK house prices grew 5.4% in the year to February, reaching an average of £268,000, according to the Office for National Statistics. The North West saw the highest increase at 8%, while London experienced a modest rise of 1.7% to £555,625. Changes to stamp duty eligibility, which lowered the threshold for first-time buyers from £425,000 to £300,000, prompted many buyers to bring forward purchases to avoid being stung by the tax. Elliott Jordan-Doak, senior UK economist for Pantheon Macroeconomics, explained: "Official house prices will be boosted for at least another two months by the flurry of activity ahead of the stamp duty changes". Meanwhile, private rents across the UK rose by 7.7% to £1,332 a month in the year to March, with London rents increasing by 9.1% to £2,243. 

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