Average UK house price adds just £3,116 in February, Halifax says, as ‘general downward trend’ continues
- House price growth slowed in all parts of the UK in February
- In cash terms, house prices are down around £8,500 from the peak in August 2022
- Apartment prices are now in negative territory over the past 12 months
Annual house price growth remained stable at 2.1% for the third consecutive month, according to the latest Halifax House Price Index.
The market also saw slow month-on-month growth, with prices rising just £3,116 in February, taking the average UK house price to £286,476.
This monthly growth of 1.1% is slightly higher than the 0.2% increase in prices observed in February.
Marginal rise: Typical UK property now costs £285,476, up from £282,360 last month
However, in cash terms, house prices are down around £8,500 (-2.9%) from the August 2022 peak.
They remain nearly £9,000 above average prices seen at the start of 2022 and are still above pre-pandemic levels.
Kim Kinnaird, director of Halifax Mortgages, said: ‘Recent mortgage rate cuts, improving consumer confidence and continued resilience in the labor market are no doubt helping to stabilize prices after the falls seen in November and December. .
“Yet, with the cost of a home falling on a quarterly basis, the underlying business continues to point to a general downward trend.
“With average home prices remaining high, housing affordability will continue to be a challenge for many buyers.”
Stunting: House price inflation slowed in all countries and regions in February
Across the UK, house price growth slowed in all regions in February, but the biggest drop was in the North East. The region saw growth of 3.6% in January, but has since fallen to 1.1%.
By property type, apartment prices are now in negative territory over the past 12 months, down 0.3%, while prices for terraced properties have been flat overall, rising just 0.3%.
Prices for single-detached properties rose just 1.5% on the year, the smallest increase since the end of 2019.
