House prices return to growth

In February, house prices rose year-on-year for the first time since January 2023*.

The average price of a home in the UK was £260,420 in February. This was 0.7% more than in January 2024 and a 1.2% annual increase, indicating that house prices are steadily returning to growth. Robert Gardner, Chief Economist at Nationwide commented, “The decline in borrowing costs around the turn of the year appears to have prompted an uptick in the housing market.” He added that “industry data sources point to a noticeable increase in mortgage applications at the start of the year”. Despite the promising signs, there is still a long way to go – in February, house prices were 3% lower than in the summer of 2022.

Your home may be repossessed if you do not keep up repayments on your mortgage.

^* Nationwide

24 May, 2024

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