House prices rose by 5.9% in February – confounded many commentators, as it appears to contradict the widely held view that the UK’s property market remains in the grip of a slowdown.
Despite an escalation in Brexit confusion, property prices rose 3% percent last January, the latest Halifax index showed.
The Halifax said the 5.9% increase seen in February was thought to be the biggest it had ever recorded. It lifted the average property price to £236,800 – up from £223,629 at the end of January. That translates into a £470-a-day increase in value.
The big monthly rise lifted the annual rate of price growth to 2.8%, which the Halifax said was “fairly subdued” compared with 2015-16 when it was more than 8%. But with other surveys and official data mostly showing housing market, Halifax cautioned against reading too much into the strength of a single month’s figures.
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