UK house prices in February 2026 — what the data actually shows

February 2026 brought three headline-grabbing house price reports within the space of a fortnight. The numbers look different because the methodologies are different — and understanding that distinction is the difference between informed decision-making and panic.

The headline numbers

The Land Registry House Price Index, based on completed transactions registered with HM Land Registry, showed the average UK property price at £298,450 — a 3.2% annual increase. This is the most comprehensive measure because it captures every residential sale, not just those involving mortgages.

Nationwide’s index, based on their own mortgage approvals, reported £296,800 — a 2.8% annual rise. Halifax, using HBOS mortgage data, came in at £299,100 with 3.5% growth.

Why the numbers differ

Each index measures something slightly different:

• Land Registry captures all sales — cash buyers included — but with a 3–4 month lag
• Nationwide only includes properties bought with a Nationwide mortgage, skewing toward certain buyer profiles
• Halifax uses a broader HBOS lending book but still excludes cash transactions

What it means for you

The trend across all three indices is consistent: modest, sustained growth in the 2.5–3.5% range. This is a normalising market — neither the frenzy of 2021–22 nor the correction fears of late 2023. For sellers, this means fair pricing based on comparable evidence is more important than ever. For buyers, the data supports making considered offers based on genuine market value.

Bank of England base rate context

The base rate currently sits at 4.25%, with markets pricing in two further 25bp cuts by year-end. Mortgage rates for 5-year fixes hover around 4.1–4.4% for borrowers with 25%+ equity. The gradual easing cycle is supporting transaction volumes without overheating prices.