UK House Prices Hit Record of £301,151 in February

U.K. average house prices rose 0.3% in February following a 0.8% increase in January, pushing the typical property price to a new record high of £301,151, up roughly £3,000 since the start of the year. Annual growth strengthened to 1.3%, up from 1.1% in January. Northern Ireland leads the country with 6.3% annual growth, bringing average prices to £218,608, while Scotland rose 4.7% to £222,286. However, the South is lagging. London prices fell 1.0% annually to £538,200, and the South East dropped 2.2% to £383,834. Mortgage approvals decreased 1.7% in January to 59,999, sitting 9.6% below January 2025 levels. UK home sales also fell 5.0% in January to 94,680 transactions.