House prices see record cash rise

The cost of an average UK home rose by a record £29,162 in the last year, according to Nationwide. The lender said it was the biggest cash increase in property prices since it started collecting comparable data in 1991. It pushed up the price of an average UK home to £260,230 in February, it said. Property values are being driven by continued demand from buyers who are competing for relatively few properties on the market. Nationwide, one of the UK's larger mortgage lenders, said that its data suggested UK house prices had risen by 12.6% in the year to the end of February. That was an acceleration from the 11.2% annual increase recorded in January.

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