UK House Prices Experience a Significant Annual Increase

In February, the United Kingdom's housing market witnessed an annual growth of 3.9%, as reported by the Nationwide House Price Index. This marks a 0.4% increase from the previous month, with the average house price reaching £270,493, up from £268,213 in January.

Resilience in the Housing Market

Despite ongoing affordability challenges, the housing market activity has remained resilient. The latter half of 2024 saw a significant uptick in total housing transactions, with a 14% increase compared to the same period in 2023. Notably, first-time buyer activity has continued to recover, with mortgage completions in 2024 just 5% below 2019 levels, according to Robert Gardner, Nationwide's chief economist.