UK house prices rise in February as chancellor avoids ‘negative speculation’

UK house prices rise in February as chancellor avoids ‘negative speculation’ Rachel Reeves’ upcoming spring forecast has not led to slowdown, as property tax rumours did in November Business live – latest updates UK politics live – latest updates House prices in the UK increased in February as Rachel Reeves avoided a repeat of the pre-budget “negative speculation” that depressed the market, as she prepares to present the spring forecast on Tuesday. The average price of a home rose to £273,176 last month, up 0.3% from the month before, Nationwide said. It matched January’s monthly increase, and was above analysts’ forecasts of a 0.2% gain. The annual growth rate remained steady at 1%, the country’s biggest building society said. The chancellor’s imminent forecast has not led to a slowdown in the housing market , as speculation around property tax changes in the months leading up to last November’s budget did. Jason Tebb, the president of the property website OnTheMarket, said: “Housing market activity and sentiment have continued to pick up this year, with buyers and sellers proceeding with their moves with more clarity and confidence, particularly as the spring forecast has not attracted anything like the same level of negative speculation as November’s budget.” Reeves will seek to project calm and competence after a tumultuous 18 months, following the latest forecasts from the independent Office for Budget Responsibility on Tuesday. In a short statement to parliament, the chancellor is expected to highlight progress on reducing the cost of living and say Labour has the “right plan” for fixing the economy. Robert Gardner, Nationwide’s chief economist, said the latest house price figures pointed to a “a modest recovery after a dip at the end of 2025” driven by uncertainty around potential property tax changes ahead of the budget. “Housing market activity is likely to recover in the coming quarters, especially if the improving affordability trend seen last year is mai...