Proactive Investors - The Halifax House Price Index showed a 1.7% year-on-year rise in UK house prices in February, slowing from 2.3% in January.
Month on month, the index added 0.4% compared to 1.2% the previous month.
The average UK home now costs £291,699, around £1,000 more than last month, per Halifax data.
Northern Ireland performed the strongest, adding 5% on an annual basis, while London continues to have the highest average house price across all of the regions, at £536,996.
Nationwide (LON:NBS) data released earlier in the month, which collates data from a smaller pool of mortgage lending transactions than Halifax, showed house prices climbing by 1.2% in February.
Both indexes suggest stability in the UK housing market.
Kim Kinnaird, director of Halifax Mortgages, commented: “These figures continue to suggest a relatively stable start to 2024 and align with other promising signs of increased housing activity, such as mortgage approvals.
“In fact, the average price tag of a home is now only around £1,800 off the peak seen in June 2022.
“While it is encouraging that we’ve seen growth in recent months, what happens next remains uncertain. Although lower mortgage rates, alongside expectations of Bank of England interest rate cuts this year, should help buyer confidence in the short term, the downward trend on rates is showing signs of fading.”