UK House Prices Experience a Slight Increase in February

According to the latest report from the Halifax House Price Index, the United Kingdom witnessed a 2.9% annual growth in house prices in February. Despite a minor month-on-month decrease of 0.1%, the average house price reached £298,602. This growth, albeit below analysts' expectations, highlights the ongoing dynamics within the UK housing market.

Market Dynamics and Future Outlook

Amanda Bryden, Head of Mortgages at Halifax, commented on the delicate balance of the housing market. She noted, "The anticipation of changes to stamp duty has led to a last-minute rush on new mortgages. However, as the April deadline approaches, we're seeing a natural decline in demand due to the time required to complete purchases." Bryden also emphasized the persistent challenges of affordability, the shortage of housing supply, and sustained demand, predicting a continued rise in property prices at a more measured pace compared to the previous year.