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

More news

21 January, 2025

Home insurance premiums are showing signs of stabilising after a period of significant increases, ac

Premium income for home and motor insurance has been rising sharply in recent years. In 2023 the growth rate was 8.8%, but in 2024 this slowed to an estimated 7.9% and is expected to keep easing in th

16 January, 2025

House prices are expected to stay on a positive trajectory over the course of 2025*.

House prices returned to growth in 2024, with prices increasing by 1.5% in the 12 months to October – an improvement on -1.2% the year before. The average UK house price is £267,000 and is expected

6 January, 2025

If you’re buying a home, home insurance is not the only protection you will need – you should al

Income protection If you are unable to work due to illness or injury, income protection insurance provides a replacement income. This is typically 50% – 65% of your earnings rather than the full