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UK house prices increased at the fastest pace in more than six years in February as the pandemic has forced buyers to reassess their housing preferences, the Office for National Statistics reported Wednesday.

Average house prices grew 8.6 percent year-on-year in February, faster than the 8 percent increase in January. This was the fastest growth since October 2014.

The average house price was GBP 250,000 in February, which was GBP 20,000 higher than in February 2020.

On a seasonally adjusted basis, house prices increased 0.5 percent on month, following a rise of 0.8 percent in the previous month.


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