Annual house prices rise for first time in six months

Overall, asking prices in the month increased by 0.1% when compared to a year earlier – while the average cost of buying a home went up by 0.9% from January, broadly in line with the 10-year average of a monthly rise of one percent in February.  

Meanwhile, the number of new sales agreed in the first six weeks of 2024 was up 16% from a year earlier – and was three percent higher when compared to 2019. Additionally, the number of properties coming onto the market and buyer enquiries increased by seven percent.  

Rightmove’s director of property science Tim Bannister said: “Mortgage rates have fallen considerably from their peak and are now remaining broadly stable after the uncertainty of late 2022 and 2023. Momentum to move in 2024 is continuing to build, but prospective sellers mustn’t get carried away.

“Buyers now have more choice of property for sale and many are still very price-sensitive, with mortgage rates remaining elevated.”