UK house price growth accelerates in February, Nationwide says

[LONDON] British house price growth picked up speed in annual terms last month as investors sought out buy-to-let properties before the introduction of a new tax, mortgage lender Nationwide said on Thursday.

House prices were 4.8 per cent higher in February compared with the same month last year, a bigger increase than a 4.4 per cent gain in January.

In month-on-month terms, house price growth remained steady at 0.3 per cent, Nationwide said.

Economists taking part in a Reuters poll had expected prices to rise by 0.5 per cent in monthly terms and by 5 per cent on an annual basis.

British bankers have said they have seen growing demand for mortgages in recent weeks as investors seek to purchase buy-to-let properties before the new tax is introduced in April.

REUTERS