House Price Rises

Nationwide chief economist Robert Gardner does not think a housing bubble is forming as "affordability isn't too stretched"

House prices rose by 0.6% in February, a 9.4% increase on the same month in 2013, according to the Nationwide Building Society.The annual rate of growth is the fastest for almost four years.

It puts the average price of a UK home at £177,846, which is still almost 5% below the 2007 peak.

Meanwhile the average house price in London has risen to £410,000, according to the Land Registry for England and Wales.

Its latest monthly report said London prices were rising fast - up 2.1% in January - which left them 11% higher than a year ago.