Data shows UK house price rises

March 8, 2024 by Brendan O'Neill

Surveys and Statistics

The latest housing market data shows that the UK experienced positive house price growth last month for the first time in more than 12 months.

These figures were published in the Nationwide House Price Index and they show that annual growth entered positive territory last month. House price growth across the country went up by 1.2% in February compared with the same time last year. This annual growth rate had been negative for more than a year, with the last positive growth having occurred in January of 2023.

The Nationwide data also reveals a rise in house prices when looked at on a month-to-month level. The average house price rose by 0.7% in February when compared to the first month of this year. It all points to the market recovering after a prolonged slump.

The annual rise took this average price of a home in the UK to £260,420, whereas before it had been £257,656. It is a notable improvement and the chief economist for Nationwide, Robert Gardner, acknowledged this to Mortgage Introducer:

“UK house prices rose by 0.7% in February, after taking account of seasonal effects. This resulted in an improvement in the annual rate of house price growth to 1.2% in February, from -0.2% the previous month.”

The positive growth is being put down to rate reductions leading to more enquiries and applications.

Mortgage advisors who have secured the CeMAP qualification will be pleased to see clear signs that the housing market is starting to bounce back.