E.SURV's latest HPI data shows a 2.5% annual decline in the average selling price of homes in England and Wales, reaching £357,300 in February. Despite this annual decline, monthly growth was 0.7%.
This marks the second consecutive month of prices supported by gusts of household movement prior to stamp duty changes, but via a fundamental momentum driven by stronger household finances and lower mortgage rates. 
In February, all parts of the UK saw lunar growth, but comparing year-over-year data leaves us with regional disparities. Wales, Midlands and North have shown modest benefits, while southern England, particularly London and the southeast, continue to struggle. The average home prices in London are still down 6.7% year-on-year, causing significant resistance to national data.
“We are committed to providing a wide range of research services,” said Rob Owens, director of research at E.SURV. “Alongside HPI data, transactions and mortgage approvals are rising, all showing strong pent-up demand. Hopes for further interest rate cuts this year could potentially maintain this momentum even with future stamp duty changes.
“Despite these benefits, there is still a way to keep prices below 2.5% this time last year.”
