Andy Sommerville, Director at Search Acumen, comments:
“Today’s house price data will do nothing to improve the bleak view of the UK’s property market. Average house price growth remains below the extortionate surge we witnessed in 2016, but the 5.8% growth in the year to February 2017 has rocketed the cost of buying to the highest point on record.
“RICS last month reported the twelfth consecutive month with no improvement in national listings of houses, and the Bank of England has told us to expect sluggish activity in the market. This is not good enough – our sector needs immediate action to tackle its chronic inefficiencies and place home ownership back within the reach of ordinary families and young people.”