House prices 0.7% higher than last year as first annual growth is recorded

HOUSE prices are more expensive than they were a year ago, the first time annual growth has been recorded in over a year.

Figures from Nationwide showed they were 0.7 per cent higher this February than the same month in 2023.

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The average house price in the UK is now £260,420.

A year-on-year increase had not been recorded since last January as mortgages rocketed on the back of 14 interest rate rises by the Bank of England.

The annual growth in property prices gives fresh confidence that the housing market is now stabilising.

And it comes after official figures this week highlighted an uptick in mortgage approvals.

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Last year, buyers struggled to afford a mortgage as lenders raised interest costs on home loans.

 The slowdown in the housing market has also meant more people have been trapped renting, which has driven rents to record high levels.

Meanwhile, the UK’s biggest property listings website Rightmove yesterday reported an eight per cent rise in pre-tax profits to £260million.

The increase was partly because estate agents were paying more to advertise properties and achieve sales in the slump.

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