House prices held steady last month

According to Halifax, the typical UK house price remained stable in February, with a slight monthly dip of -0.1%. Annual growth also held steady at +2.9%, with the average house price edging down by just £213 to £298,602.

February’s figures highlight the delicate balance within the UK housing market. While there has been talk of a last-minute rush on new mortgages ahead of the changes to stamp duty, inevitably, we have seen some of the demand that was brought forward start to fade as the April deadline ticks closer, given the time needed to complete a purchase.

While house price growth has slowed overall, market activity remains strong and comparable to pre-pandemic levels, demonstrating a resilience amongst buyers that has been evident in the face of higher borrowing costs. Affordability challenges persist; the ongoing shortage of housing supply, coupled with sustained demand, suggests property prices will continue to rise this year, albeit at a more measured pace compared to last year.

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