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UK house prices rise by 9.1%

UK house prices rose by 9.1% in the year to February 2014, up from 6.8% in the year to January 2014.

The rise in house price inflation was driven by a rise in London of 17.7%, according to the latest figures from the Office for National Statistics.

House price annual inflation grew by 9.7% in England, 5.3% in Wales, 2.4% in Scotland and 2.8% in Northern Ireland.

Excluding London and the South East, UK house prices increased by 5.8%.

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Inflation figures bring good news for the Government

Inflation matching wage rises in the private sector brought more good news for George Osborne and the Conservative party today, but less good news for Labour, as the figures could go some way to weaken their argument on the cost of living crisis they say ordinary people continue to endure.

ITV News Political Editor Tom Bradby reports on what the figures mean for political parties:

Cameron: Low inflation helps standard of living

Prime Minister David Cameron welcomed today's inflation figures, saying that they are proof the government's long-term economic plan is working.

Speaking from Hull, Mr Cameron said the figures show that the recovery is gathering pace and the rate of inflation is helping people live a "better standard of life".

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Inflation data 'evidence Government's plan is working'

Speaking during a trip to Tata Steel in Port Talbot, Wales, Chancellor George Osborne said today's figures showing that inflation had dropped to a four-year low was "further evidence that the Government's longterm economic plan is working."

House prices jump 6.8% compared with last year

House prices increased by 6.8% in January 2014 compared with a year earlier, according to the latest figures from the Office for National Statistics .

The ONS said prices grew by 7.1% in England, 6.9% in Wales, 1.4% in Scotland and 2.7% in Northern Ireland.

In January 2014, prices paid by first-time buyers were 7.6% higher on average than in January 2013.

For existing owners, prices increased by 6.5% for the same period.

Labour: Workers are still £1.6k a year worse off

Responding to today’s inflation figures, Labour welcomed the rise but said that prices are still rising faster than wages.

This fall in the inflation rate is welcome, but the squeeze continues as prices are still rising faster than wages.

Working people facing this cost-of-living crisis are on average £1,600 a year worse off since David Cameron came to office.

– Catherine McKinnell, Labour’s Shadow Treasury Minister
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