The average house price in the United Kingdom rose 12.6% in February year-on-year as prices show no sign of slowing down.

According to Nationwide the average price was £260,230 in February an increase of £29,162 on the same period in 2021. This is the largest annual increase in cash terms since the start of the index in 1991.

Prices also rose 1.7% month-on-month- the seventh consecutive monthly increase.