Index shows further house price recovery signs

April 26, 2024 by Alan

House Prices

The newest House Price Index for the UK shows that there was a month-on-month increase in the average price of a home at the start of this year, which is a marked contrast with the same period for 2023.

Average prices rose 0.4% in the period from January to February. By contrast, that month-on-month period last year brought a drop of 0.7% in the average price. This rise means that annual house price changes were -0.2% for the 12-month period up to February. In comparison, for the period up to January the figure was -1.3%, so while still negative, it is a significant improvement.

Two parts of the UK saw an increase in their average house prices during the year up to February – Scotland and Northern Ireland. In the former, prices went up by 5.6% and in the latter by 1.4%. In England and Wales, they fell by -1.1% and -1.2% respectively.

When it comes to the different regions, the North East was the one that saw the highest rise in prices, at 2.9%. By contrast, the capital was the worst performing region in terms of prices, with a drop of 4.8% in the year to February.

Propertymark CEO Nathan Emerson said to Financial Reporter:

“A month-on-month growth in house prices is a sign of prosperous green shoots on the run up to spring, which is historic for its higher demand from buyers and sellers.”

This sort of news will keep the demand high for mortgage advisor courses from a CeMAP training company.