UK House Prices Experience Significant Growth

In February, the United Kingdom witnessed an annual increase of 3.9% in house prices, as reported by the Nationwide House Price Index. This marks a 0.4% rise from the previous month, pushing the average house price to £270,493, up from £268,213 in January.

Robert Gardner, Nationwide's chief economist, highlighted the resilience of the housing market activity despite the ongoing affordability challenges. He noted a 14% increase in total housing transactions in the second half of 2024 compared to the same period in 2023, with first-time buyer activity showing a significant recovery. Mortgage completions in 2024 were just 5% below the levels seen in 2019, indicating a robust recovery in the sector.