UK House Prices See First Annual Rise in Over a Year But Outlook Remains Uncertain

• Property prices rose 1.2% year-over-year in February, the first annual increase in over a year (Nationwide data)

• There are signs of more activity in the UK housing market recently, like rising mortgage approvals

• But the outlook remains highly uncertain due to questions around future interest rate changes

• On a monthly basis, house prices rose 0.7% in February, taking the average UK house price to £260,420

• Property prices are still 3% below their peak in summer 2022