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

Rachel Reeves’ upcoming spring forecast has not led to slowdown, as property tax speculation 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.