UK house prices rose 5.5 percent in February

UK house prices rose 5.5 percent year-on-year in February.

In the statement from the British Office for National Statistics (ONS), it was reported that house prices in the country increased by 5.5 percent annually in February and the average house price rose to 288,000 pounds.

Median UK house prices rose by almost £16,000 in February compared to the same period last year.

House prices rose 6.5 percent in January. House prices had risen 14.4 percent in February 2022.

Rising interest rates in the country are said to have caused those who want to become homeowners to delay applying for home loans.

A NEW INCREASE IN INTEREST IS EXPECTED

Last month, the Bank of England (BoE) decided to raise the policy rate by 25 basis points from 4 percent to 4.25 percent to bring inflation down to the target level of 2 percent in the country.

Inflation in the country remains in double digits, despite falling to 10.1 percent last month.

The BoE is expected to make another rate hike next month to reduce inflation. (AA)