Average house price hits £284,000 after 7.6% rise across UK

House prices rose by 7.6% across the UK in the year to February, driven by large increases in the south east and east, official figures have shown.

The average house price in February was £284,000, according to the Office for National Statistics (ONS).

House price annual inflation was 8.2% in England, 2.8% in Wales, -0.8% in Scotland and 2.4% in Northern Ireland.

According to the figures, a typical UK first-time buyer paid 8% more for a home in February 2016 than a year earlier, at £214,000.

"The continuing upward price pressures in the housing market may be a result of a shortage of supply and robust demand," the ONS said.

The average home in the East of England reached a new peak of £317,000, while the typical property value in the South West reached a new record of £263,000.

The North East is the only English region where property values are yet to surpass their pre-economic downturn peak, with the average property worth £158,000.

London still has by far the highest average house price, at £524,000, up 9.7% on the previous year.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "Cheap mortgage rates, a base rate that doesn't look as though it is rising any time soon, and falling unemployment, are giving buyers more confidence to take the plunge, assuming they can find the property they want to buy.

"Limited supply is likely to be the biggest issue they face in the short term but it may be house price growth which is the bigger issue longer term as it continues to outpace real earnings growth by some margin."

Average house price by region:

• UK - £284,000

• England - £298,000

• Wales - £173,000

• Scotland - £189,000

• Northern Ireland - £157,000