UK house prices rose 0.7% month on month in February taking the annual rate of house price growth to 1.2% from -0.2% the previous month.

Nationwide reveals UK house prices rose by 0.7% in January but what happens to mortgage rates will be crucial for 2024.

Housing market activity was weak throughout 2023 due to higher mortgage rates but cash transactions continued to run above pre-Covid levels.

The Bank of England has decided to keep the base rate at the same level for the third review in a row.

Estate agents and housing experts say would-be buyers are struggling to save for deposits and are worried about finances.

The proportion of homes that are finding a buyer has dropped from eight in every 10 to six in every 10 making pricing competitively critical.

Chestertons says there was a 3% drop in new buyers in July as people wait for mortgage rates to decrease.

On the back of the interest rate hike, landlords are calling for the reintroduction of mortgage interest relief in full and for housing benefit rates to be unlocked.