House prices returned to growth for the first time in more than a year and are approaching their record high, according to a lender, as mortgage approvals surged.
Property values rose by 1.2pc in the 12 months to February, the Nationwide house price index showed.
Prices increased by 0.7pc between January and February, making the average home worth £260,420.
It comes as figures published by the Bank of England showed that mortgage approvals hit their highest in almost 18 months in January as lower borrowing costs tempted more buyers into the housing market.
More than 55,000 loans were approved for home purchase in the month, according to the Bank of England, the highest since October 2022, just before sales went into freefall amid financial turmoil in the wake of Liz Truss’s mini-Budget.
Nationwide’s chief economist Robert Gardner said: “House prices are now around 3pc below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects.
“The decline in borrowing costs around the turn of the year appears to have prompted an uptick in the housing market.”
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2024-03-01 09:40:00Z
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