UK house prices fell by 0.2 per cent in the year to February 2024, up from a decrease of 1.3 per cent in the 12 months to January 2024, according to the latest UK House Price Index (UK HPI).
On a non-seasonally adjusted basis, average house prices in the UK increased by 0.4 per cent between January 2024 and February 2024, compared with a decrease of 0.7 per cent during the same period in 2023.
The UK Property Transactions Statistics showed that in February 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 82,940. This is 6 per cent lower than in February 2023.
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Between January 2023 and February 2023, UK transactions increased by 1 per cent on a seasonally adjusted basis.
The highest monthly house price increase was in the Northeast, where prices increased by 3.2 per cent in the year to February 2024. The highest annual growth was in the Northwest, where prices increased by 2.9 per cent in the year to February 2024.
London saw the lowest annual price growth, with a fall of 4.8 per cent to £503,000 on average. The highest number of repossessions was in the Northwest, where 16 were recorded in December 2023.
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The UK HPI is based on completed housing transactions. Typically, a house purchase can take six to eight weeks to reach completion.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
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