The average home costs £29K more than a year ago, as the housing market recorded its biggest cash jump on record.
Buyers rushing to lock in low mortgage rates ahead of interest rate rises pushed home values up 12.6pc year-on-year in February, according to Nationwide building society.
After June 2021, when the end of the stamp duty holiday triggered a race to complete by the deadline, this was the fastest annual growth rate on record since January 2005, when the property market was booming before the financial crisis.
An extreme shortage of supply has pushed the average UK house price above £260,000 for the first time in history, according to Nationwide building society.
The average house price in February was £260,230, a jump of £29,162 from this time last year.
Robert Gardner, of Nationwide, said:
“This is the largest ever annual increase in cash terms since the start of our monthly index in 1991.”
This rate of increase will of course fizzle out!
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