The Halifax bank has revealed that in February 2026, the average house price in the UK was £300,077, the first time it has exceeded £300,000.
However, despite this rise, it has not put many people off buying homes. There are two main reasons for this: reasonable mortgage interest rates and wage rises.
Wage growth has outpaced inflation, making property affordable for many buyers. If wages continue to rise, the housing market is expected to remain healthy.
Some mortgage lenders, including HSBC, Nationwide and Virgin, have increased their interest rates slightly in response to the rise of wholesale swap rates. The Bank of England has kept its interest rate at 3.75%, which means that any short-term increases in mortgage rates should be small.
Halifax predicts that house prices will rise between 1% and 3% during 2026. Nathan Emerson, chief executive of Propertymark, the estate agent trade body, is optimistic about the housing market, saying:
“We are witnessing an increased flow of homes being brought to market, alongside growing confidence among buyers and sellers as they approach the moving process.”
He also said that mortgage lenders are more competitive and offer a wide range of mortgage products that make it easier for homebuyers to access funds to purchase a home.
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