House prices rise for first time in 12 months

Buyers are returning to the housing market as lower mortgage rates tempt them back, according to the latest monthly reading from the Nationwide. The average house price in the UK has risen annually for the first time in over a year, reaching £260,420. This is 1.2% above where it was this time a year ago. Nationwide said that after having risen 0.7% in January prices increased by the same amount again last month. The building society’s UK chief economist, Robert Gardner, said: “The decline in borrowing costs around the turn of the year appears to have prompted an uptick in the housing market.” However, he cautioned that “near-term prospects [for the housing market] remain highly uncertain”. 

Daily Mirror (02/03/2024)   The Guardian (02/03/2024)   The i (02/03/2024)   The Times (02/03/2024)