Recent data from the property website Rightmove showed that the UK housing market remained stable during the four weeks ending February 7. This stability comes after notable price increases recorded during the Christmas and New Year holiday period.
According to the report, there was no significant change in house prices on either a monthly or annual basis, marking a clear shift after the noticeable surge that followed the government’s budget announcement late last year.
Strong Activity at the Start of the Year
The UK property market experienced a strong start to the year, with house prices rising by 2.8% month-on-month and about 0.5% year-on-year in the five weeks ending January 10. This increase is attributed to renewed buyer confidence and improved economic expectations following the British government’s announcement of new financial measures as part of its economic plan.
Unprecedented Increase in Housing Supply
On the other hand, the website’s data also revealed a significant rise in the number of homes listed for sale, with housing supply reaching its highest level for this time of year in more than 11 years.
