U.K. Home Prices Continue to Rise for Fifth Consecutive Month

The U.K. housing market is on the rise once again, with home prices increasing for the fifth consecutive month, according to Halifax’s House Price Index. In February, prices were up 0.4% from the previous month and 1.7% higher than the same time last year, reaching an average of £291,699.

Experts in the industry are noting this trend as a sign of real momentum building in the market. Marc von Grundherr, director of Benham and Reeves, stated that the property market is back on track, with buyers welcoming the increased stability that has come with a halt in interest rate hikes.

Northern Ireland saw the largest annual increase in property prices at 5%, bringing the average home price to £195,956. London, on the other hand, experienced its first positive annual growth since January 2023, with prices rising by 1.5% to an average of £536,996.

While the higher cost of borrowing remains a challenge for many buyers, experts like Guy Gittins, CEO of Foxtons, and Jason Harris-Cohen, CEO of Open Property Group, are optimistic about the potential for continued market improvement in the coming months, especially with the possibility of a rate cut on the horizon.