House prices rise in February
House prices grew at their strongest rate in nearly three years in February, indicating the Bank of England's surprise interest rate hike in January did little to cool the housing market.
In its monthly survey Hometrack showed house prices grew by another 0.7% in February in England and Wales, bringing the annual growth rate to 6.4% from January's 6%.
(Article continues below)Advertisement
Hometrack's director of research Richard Donnell said, "Despite the January rate rise it seems that a lack of supply is continuing to support higher prices, primarily in London, up a monthly 1.3% and the South East, up 0.9%."
"As a result we are seeing property transactions, and pricing being set by those who can afford to move: that is to say existing owner occupiers, buy-to-let investors and the growing number of 'assisted' first time buyers," he added.
