UK house prices jumped by 5.4% in the year to February – the fastest rate in more than two years, new official figures show.
The annual rate increased from 4.8% in the year to January, according to data from the Office for National Statistics.
UK house price growth has been accelerating since last summer, while activity has picked up as buyers rushed to beat stamp duty increases.
Across the country, house prices were higher in February, compared with a year earlier.
They shot up to £292,000 in England (5.3% annual growth rate), £207,000 in Wales (4.1%), and £186,000 in Scotland (5.7%) in the 12 months to February.
The average house price in Northern Ireland was £183,000 between October and December 2024, surging 9% from the same period a year before.
Within England, the North West had the highest house price inflation over the latest period, at 8% – while London had the weakest at 1.7%.
Experts said there was a rush among home buyers to complete their purchases ahead of stamp duty discounts becoming less generous.
From April, first-time buyers started paying stamp duty on properties costing more than £300,000.
They were previously exempt from paying the tax on properties up to £425,000.
Stamp duty applies in England and Northern Ireland.
