UK house prices rise at fastest rate in 15 years, says Halifax

Of average house prices, Halifax says: ‘This is the biggest one-year cash rise recorded in over 39 years of index history.’ Photograph: Steve Taylor/Alamy

UK house prices are rising at their fastest rate since 2007, according to Halifax, with the typical property notching up its biggest annual cash gain in the nearly 40 years since the lender’s index began.

Two years on from the start of the coronavirus pandemic, commentators say the housing market is continuing to defy economic conditions, with average property prices rising by another 0.5% in February, equating to £370 a week.