House prices are continuing to accelerate across the UK according to Halifax (full release here).
The February data showed prices jumping by a very sharp 2.4% in February and 7.9% over the past 12 months.
This is the fastest rate of growth seen since 2007.
Halifax said the pick-up was mainly due to better economic conditions:
"Several factors appear to have boosted demand, such as the improved economic outlook, unemployment falling faster than expected, improvements in consumer confidence and low interest rates".
The Halifax noted that house sales in the UK had risen for the ninth month in a row in January.
Halifax further noted that the number of mortgages approved for home buyers but not yet lent was up by a very substantial +42% y/y.
This data suggests that a further strong rise in sales is still to come.
Most surveys suggest that prices are rising in most parts of the UK, and especially in London.