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Annual house price inflation dips to 7.6% according to government figures

House prices rose by 7.6 per cent in the year to February, according to the government’s Office for National Statistics. 

This is a dip from the 7.9 per cent increase reported in January but still stronger than for much of 2015.

Annual inflation was 8.2 per cent in England, 2.8 per cent in Wales and 2.4 per cent in Northern Ireland. Prices dipped 0.8 per cent lower in Scotland over the year.

Prices in London jumped 9.7 per cent in the year to February, down from 10.8 per cent the month before.

This is the one of the last monthly releases using the current ONS methodology; from June a new official UK House Price Index is set to include new elements such as new-build house prices and cash purchases, while giving less prominence to hgih-end sales.

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