UK House Prices Miss Expectations And Rise in February

Mortgage Finance Nation Wide said UK house price growth rose unexpectedly last month, defying expectations of a slowdown, as Finance Minister Rishi Sunak prepares to introduce new budgetary measures to boost the market.

The company added that house prices rose 6.9% year-on-year in February from 6.4% in January, beating all outlook in a Reuters poll of economists’ opinions indicating a slowdown to 5.6%.

In February alone, prices rose 0.7%, after a 0.2% decline in January. In February, prices were expected to fall by 0.3%.

According to media reports, the Finance Minister will likely extend a temporary tax cut on property purchases until June and announce a new mortgage guarantee plan for first-time buyers.