Average house price falls in February after January’s huge surge
Average house price dip in February after £10,000 January surge
- The average asking price for a home in Britain experienced a marginal decrease of £12 in February, reaching £368,019, after a significant £10,000 surge in January.
- Despite February's slight dip, the strong start to the year marks the best opening for asking prices since 2020, with a 2.8 per cent increase since December.
- Rightmove attributes this early year growth to renewed confidence following the autumn budget, though sellers are now taking a more cautious approach due to high competition and price sensitivity.
- Market conditions are becoming more favourable for buyers, as average wages have significantly outpaced property price growth over the last three years, complemented by improved mortgage rates and lending options.
- The total value of UK homes is estimated at £9.18 trillion, with the North of England and devolved nations contributing 60 per cent of the growth since 2022, despite accounting for only 27 per cent of the total value.
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