House prices in the UK rose for the fifth month in a row, increasing by 0.4% or £1,091, bringing them close to the property price peak observed in 2022.

The average cost of a home in the UK now stands at £291,699, only around £1,800 less than the peak in June 2022.

According to the latest Halifax house price index, house prices have risen by 1.7% compared to February last year, which is slightly lower than the 2.3% year-on-year increase seen in January.