UK house prices rise as mortgage rate cuts lift confidence

Average monthly increase of 1.1% to 285,476 in February, after falls in previous two months, says Halifax

UK house prices picked up in February from the previous month as recent reductions in mortgage rates helped to stabilise the market, according to the lender Halifax.

The average house price rose 1.1% to 285,476 last month compared with January, in a sign of resilience amid hopes the broader economic downturn will not be as severe as previously feared.