News

UK house prices post first annual increase in more than a year

Stay informed with free updates

UK house prices rose more than expected in February, posting their first annual increase in more than a year according to lender Nationwide, adding to evidence of a market recovery as mortgage rates eased.

The average house price was 1.2 per cent higher last month than in February last year, after a 0.2 per cent contraction in January, marking the first annual expansion since January 2023. 

Prices rose 0.7 per cent from January, taking the average property price to £260,420.

The increase was more than economists polled by Reuters had expected. They forecast 0.3 per cent month on month and 0.7 per cent annual increases.

On Thursday, the Bank of England said mortgage approvals rose more than expected in January as mortgage rates retreated from their summer peak.

Articles You May Like

Yen falls below ¥154 for first time since 1990
Why economic forecasting is performance art for central bankers
Wells Fargo brings on former Citi employee Lauren Saporito as senior salesperson
Forget boomers vs millennials, the next conflict is millennials vs each other
The untold human stories of China’s economic boom