House prices increased at the fastest annual pace since 2007 in February to hit a new record high, according to an index. At 10.8 percent, the annual rate of house price growth was the strongest since June 2007, Halifax said. The increase took the average house price across the UK to a new record high of £278,123. Property values increased by 0.5 percent month-on-month. Russell Galley, managing director, Halifax, said: “The UK housing market shrugged off a slightly slower start to the year with average property prices rising by another 0.5 percent in February, or £1,478 in cash terms. “This was an eighth successive month of house price growth, as the resilience which has typified the market throughout the pandemic shows little sign of easing. “Year-on-year prices grew by 10.8 percent, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high …