House price rise in region is above the UK average

THE latest Halifax House Price Index shows that the average UK house price in February was £285,476, up 2.1 per cent on this time last year.

Yorkshire out-performed the average with an annual growth of 3.6 per cent bringing the average home price to £200,634.

The neighbouring North West saw 3.7 per cent growth bringing the average price to £221,306 and the more affordable North East saw a 1.1 per cent rise bringing the average house price to £163,953.

Northern Ireland, where prices have risen by 5.3 per cent between February 2022 and February 2023, has the greatest yearon-year growth, followed by the West Midlands where average home values increased by five per cent.

Kim Kinnaird, Director, Halifax Mortgages, said: “The average house price has been stable over the last three months.

“Compared to January, there was a 1.1 per cent increase in house prices in February, although overall prices are flat compared to three months ago.

“Recent reductions in mortgage rates, improving consumer confidence, and a continuing resilience in the labour market are arguably helping to stabilise prices following the falls in November and December.

“Still, with the cost of a home down on a quarterly basis, the underlying activity continues to indicate a general downward trend.

“In cash terms, house prices are down around £8,500 or minus 2.9 per cent on the August 2022 peak but remain almost £9,000 above the average prices seen at the start of 2022 and are still above pre-pandemic levels, meaning most sellers will retain price gains made during the pandemic. With average house prices remaining high, housing affordability will continue to feel challenging for many buyers.”