This was compared to a price growth of eight per cent in the year to January. On a monthly basis, house prices remained flat, suggesting a levelling off ahead of the original stamp duty holiday deadline.
The region to report the strongest rise in property prices was the North West, which saw increases of 11.9 per cent annually. London recorded the lowest annual growth at 4.6 per cent.
A preference for more space and larger properties continued to influence prices during the month.
Detached and terraced houses reported increases of 9.1 per cent and nine per cent to £383,088 and £204,418 respectively. This was followed by semi-detached houses, where prices rose 8.9 per cent annually to £239,307.
Flats and maisonettes saw a relatively low 6.7 per cent increase to £214,114.
Karen Noye, financial planning consultant at Quilter, said: “New housing data show that house prices may have started to level off with there being no change from January to February 2021 — but they’re still an eye watering 8.6 per cent higher than a year ago.
“These sky high prices continue to be at odds with the turbulent economic year just gone and are yet to take into account the likely uplift from the new 95 per cent mortgage guarantee scheme, which may hot up prices further.”
She added: “Once government giveaways and reliefs are rescinded a correction is likely. However, money remains cheap and as the country gets moving again, we may see a less sharp correction than originally predicted.”
Keep growth sustainable
Kevin Roberts, director of Legal & General Mortgage Club, said: “Demand for homes has been remarkable since the start of the year and this has contributed to the house price increases seen in recent months.
“It is important that the whole industry works together and with policymakers, to ensure this growth is sustainable. By this, we mean supply must be boosted to keep pace with demand, ensuring the prospect of homeownership is an affordable reality for all; and also that these new homes are designed and built in ways that supports our country’s net zero emissions targets.”