UK house prices unexpectedly rose last month as recent reductions in mortgage rates and improving consumer confidence helped boost demand, according to the latest Halifax House Price Index.
Prices rose 1.1% between January and February, a surprise swing to positive and ahead of City forecasts for a 0.3% fall. House prices were up 2.1% compared with February 2022.
“Recent reductions in mortgage rates, improving consumer confidence, and a continuing resilience in the labour market are arguably helping to stabilise prices,” said Kim Kinnaird, director at Halifax Mortgages.