The average UK house price was £268,000 in February 2025, which is £13,000 higher than 12 months ago.

Average house prices in the 12 months to February 2025 increased in England to £292,000 (5.3%), rose in Wales to £207,000 (4.1%) and to £186,000 (5.7%) in Scotland.

The average house price increased in the year to Q4 (Oct to Dec) 2024 to £183,000 in Northern Ireland (9.0%).

On a non-seasonally adjusted basis, average UK house prices remained unchanged between January 2025 and February 2025 (0.0%), compared with a decrease of 0.5% in the same period 12 months ago.

On a seasonally adjusted basis, average house prices in the UK increased by 0.5% between January 2025 and February 2025.

Annual house price inflation was highest in the North West, where prices increased by 8.0%, while London saw the lowest annual inflation with prices increasing by 1.7%.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “We should not get too carried away by these perhaps better-than-expected figures, even though they are the most comprehensive of all house price surveys as they include cash and mortgaged transactions.

“Wage growth may be exceeding house price and CPI inflation, especially after the latter reached a five-month low in March, while mortgage costs are improving affordability further.

“However, this data reflects activity from a few months ago – a time when buyers were still trying to beat the stamp duty deadline and worries about economic prospects at home and abroad weren’t at the same frenetic level that they are now.

“Nevertheless, on the ground, very few of our transactions have failed although we have noticed a pause by some in the hope that the uncertainty will prove short term, particularly as supply now exceeds demand.”

Tim Parkes, CEO at RAW Capital Partners, added: “Today’s data underlines what a strong start to the year the property market had, with falling interest rates and the added motivation of completing deals before the higher stamp duty costs came into effect clearly working in tandem to boost demand.

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“The question was always going to be whether this price growth could be sustained into the spring – and there's certainly an argument to be made that the current global economic uncertainty might actually drive interest in property investment.

“President Trump’s tariffs have reshaped the financial landscape and the impact on stocks and shares has been well documented.

“Could this prompt a flight to stability? If so, as today’s figures demonstrate, the UK property market could be a beneficiary, with bricks and mortar investments holding their appeal.

“At the same time, expectations that the Bank of England may need to cut interest rates – particularly if a trade war translates into a global recession – are already feeding into falling mortgage rates.

“This should support affordability and encourage further activity, but it also highlights the complex environment in which the market is operating.”

Paresh Raja, CEO at Market Financial Solutions, also said: "This ONS data paints a more positive picture than Halifax's house price index, which last week suggested that prices had fallen month-on-month in March (importantly, there was still healthy annual growth).

“It will be interesting to see if the ONS statistics also reflect a dip in prices in March, but either way, this is likely just the result of a slight recalibration after prices were driven up by particularly high buyer demand in January and February, as people sought to complete on property purchases before the stamp duty hike in April.

"The property market remains in a healthy place, albeit with economic turbulence being experienced around the world. For homebuyers and investors, all eyes will be on the Bank of England’s next base rate decision on 8th May.”

Darrell Walker, group sales director at Chetwood Bank for ModaMortgages and CHL Mortgages for Intermediaries, commented: “House prices benefit from the rush of buyers wanting to beat the stamp duty deadline, not to mention the Bank of England reduced the base rate in February, but Q2 is shaping up to be a crucial period.

“The market must now adapt to the new stamp duty tax bills, while the Bank of England’s next rate decision in early May will be of particular interest to borrowers and brokers – not least because of the wider economic uncertainty that we have seen emerge in the wake of President Trump’s trade policies.

“Brokers will no doubt see some potential clients adopt a ‘wait and see approach’, while others will still seek out new opportunities.”