UK House Prices Experience First Annual Growth in Over a Year

As mortgage rates decline, the UK housing market sees a resurgence with a 1.2% increase in house prices compared to last year.

House prices in the UK rose for the first time in more than a year, with an average increase of 0.7% from January to February.
The average price of a home in the UK now stands at £260,420, reflecting a 1.2% increase compared to the same period last year.
The decline in mortgage rates has encouraged buyers back into the market, with a notable rise in mortgage approvals in January.
Despite the positive trend, there is caution about future mortgage rate increases due to economic uncertainties.
The government scrapped plans for 99% mortgages aimed at first-time buyers, amid concerns over potential defaults.