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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

UK house prices rise as mortgage rate cuts lift confidence

Halifax United Kingdom Kim Kinnaird Foxtons
Aerial view of houses in Newcastle upon Tyne
Semi-detached houses in Newcastle. Homes in the north-east cost an average of £163,953 in February, Halifax said. Photograph: Owen Humphreys/PA

UK house prices picked up in February from the previous month as recent reductions in mortgage rates helped to stabilise the market, according to the lender Halifax.

The average house price rose 1.1% to £285,476 last month compared with January, in a sign of resilience amid hopes the broader economic downturn will not be as severe as previously feared.

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