UK house prices increased by 0.5 per cent between January and February, according to the latest set of figures.

The Financial Times has published its house price index for the month, showing that a typical property was worth £231,530.

Annual house price growth was recorded as 6.1 per cent, with London outperforming the rest of the market with an impressive 12.7 per cent year-on-year increase.

Kensington & Chelsea was the best performing region in the capital, recording annual price growth of 27.3 per cent.

The monthly inflation figure of 0.5 per cent is good news for homeowners and is an improvement on the 0.2 per cent increase seen in January.

It is also a marked improvement on the 0.1 per cent price drop seen in December and the 0.2 per cent fall witnessed in November.

The Land Registry recently revealed that house prices increased by 0.9 per cent between December and January.