House prices have risen at their fastest year-on-year rate for more than 17 years, according to figures released today.

The Nationwide monthly house price index shows the average house price in the UK is now £265,312. This is 14.3% up on the same period last year, the highest annual rise since November 2004.

Price are also 1.1% up on the previous month. Prices have now risen for eight consecutive months, although February’s figure is slightly down on the 1.7% monthly increase in January.