Annual house price grows in February despite London fall

House prices in the UK on average grew by 1.2% in the year to February, according to official figures from the Land Registry.

The figure is a rise on the 1% annual growth posted for the previous month, although prices rose just 0.1% on a month-on-month basis.

The growth came about despite prices falling 3.3% on an annual basis in London, a greater decline than the 1.7% recorded in the 12 months to January. There were also smaller decreases in the south east and south west of 0.9% and 0.6% respectively.

The largest annual rises were in Northern Ireland (7.5%), Yorkshire & Humber (3.9%) and the north east (3.6%).

The figures were collected before any potential impacts in the market from the war in Iran, which began on 28 February.