According to the report from Nationwide, annual house price growth rebounded to 6.9% from 6.4% in January. Economists had expected a 5.6% increase. Prices up 0.7% month-on-month, more than erasing the small decline seen in January. Economists had expected a 0.3% decrease.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “February saw the annual rate of house price growth rebound to 6.9%, from 6.4% in January. House prices rose by 0.7% month-on-month, after taking account of seasonal effects, more than reversing the 0.2% monthly decline recorded in January. This increase is a surprise. It seemed more likely that annual price growth would soften further ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase. As a result, the outlook for the housing market is unusually uncertain. There is scope for shifting housing preferences to continue to boost activity, especially if there is further policy support in the Budget. Nevertheless, if labour market conditions weaken as most analysts expect, it is likely that the housing market will slow in the months ahead.”