UK home costs fell by 0.2 per cent within the 12 months to February 2024, up from a lower of 1.3 per cent within the 12 months to January 2024, in accordance with the newest UK Home Value Index (UK HPI).
On a non-seasonally adjusted foundation, common home costs within the UK elevated by 0.4 per cent between January 2024 and February 2024, in contrast with a lower of 0.7 per cent throughout the identical interval in 2023.
The UK Property Transactions Statistics confirmed that in February 2024, on a seasonally adjusted foundation, the estimated variety of transactions of residential properties with a price of £40,000 or larger was 82,940. That is 6 per cent decrease than in February 2023.
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Between January 2023 and February 2023, UK transactions elevated by 1 per cent on a seasonally adjusted foundation.
The very best month-to-month home worth improve was within the Northeast, the place costs elevated by 3.2 per cent within the 12 months to February 2024. The very best annual progress was within the Northwest, the place costs elevated by 2.9 per cent within the 12 months to February 2024.
London noticed the bottom annual worth progress, with a fall of 4.8 per cent to £503,000 on common. The very best variety of repossessions was within the Northwest, the place 16 had been recorded in December 2023.
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The UK HPI relies on accomplished housing transactions. Sometimes, a home buy can take six to eight weeks to achieve completion.
As with different indicators within the housing market, which usually fluctuate from month to month, it will be important to not put an excessive amount of weight on one month’s set of home worth information.
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