Overview
- Nationwide reported February prices up 0.3% month on month and 1.0% year on year, placing the average home at £273,176.
- Chief economist Robert Gardner said the data supports a modest recovery after a late‑2025 dip tied to pre‑Budget tax uncertainty.
- Across 2025, total transactions rose 10% and first‑time buyer mortgage completions climbed 18%, while buy‑to‑let activity remained subdued versus historic norms.
- Bank of England figures show the effective rate on newly drawn mortgages eased to 4.09% in January, with purchase approvals slipping to 60,000.
- After briefly falling to 5.98% in late February, the average 30‑year mortgage rate rebounded to roughly 6.12%, and analysts warned that higher oil prices and inflation risks could stall spring housing momentum as upcoming jobs data and central‑bank decisions set the next moves.