House price growth speeds up

House prices rose for the third consecutive month during February and at the fastest pace since June 2004, according to the latest price survey from Hometrack.

Hometrack said that house prices rose by 0.4% during February. This means that the average cost of a home in the UK is up to £161,700.

Compared to 12 months ago, prices were still down 0.5%. In January, Hometrack reported house prices rose by just 0.1% on the month and fell 1.04% on the year.

Hometrack 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.