Nationwide house price index: UK housing market shows signs of rebound

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on Mar 1, 2024
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  • for the first time in a year, figures from the UK Nationwide house price index showed good news.
  • The index showed strong signs of a housing price rebound for the UK in February for the first time in a year.
  • House prices are up 1.2% YoY and 0.7% MoM.

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After a difficult 2023, the United Kingdom property market appears to be picking up again, according to latest data from Nationwide.

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February’s Nationwide house price index revealed this morning that UK housing prices up 0.7% month-on-month from January, and a solid 1.2% year-on-year compared with February 2022.

A first in over a year

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So much so, in fact, that the Nationwide House Price Indices site said that “annual house price growth returns to positive territory for first time in over a year in February.”

This comes after January too showed that housing prices were up 0.7% and that there was further recovery in annual rate of change, with prices down just 0.2% compared with a year ago,” according to the Nationwide House Price Indices site.  

What is the Nationwide house price index?

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Released by the Nationwide Building Society, the Nationwide house price index is a monthly indicator of the prices properties are being mortgaged for in the United Kingdom. Because it doesn’t include cash purchases or ‘buy to let’ arrangements, it’s considered a reliable bellwether of the health of the UK housing market.

Not just about houses: data significance for the UK

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Economists have often praised the merits of watching a country’s housing market to determine its overall health – more people buying more properties and not defaulting on mortgages is a good sign.

The UK had a sickly 2023, with housing prices down 1.8% over the course of the year, even as the fear of a December recession loomed.

With inflation troubles still potentially lurking, a contentious budget soon to be delivered and rate cuts yet to appear, this is the first solid bit of good news the English economy has had in a while.

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