By Anthony O. Goriainoff

Property website Rightmove said U.K. house prices in February were virtually flat on month as a high choice of homes for sale and steadying buyer activity prevented a rise.

Rightmove said the number of homes for sale was at an 11-year high for this time of year, as confidence rebounded after the prolonged uncertainty surrounding the country's autumn budget.

According to the online real-estate platform, January was the strongest start to the year for asking prices since 2020, with prices rising 2.8% since December.

The platform said prices in February rose by 12 pounds ($16.35) to 368,019 pounds, with average property prices the same as a year ago being particularly beneficial for first-time buyers.

As for average earnings, these were 4.7% higher on year and outpaced the past three years of cumulative property growth, Rightmove said.

Average mortgage rates are still at their lowest level since September 2022's mini-budget, with the average two-year fixed mortgage rate now at 4.28% compared with 4.96% a year ago, the website said.

Still, the number of listed properties for sale is 1% below this time last year, but 11% higher than two years ago. The number of sales agreed to was down 5% on year, but 9% higher than at this time in 2024.

On a regional level, Scotland's average prices rose 4.1% on month to 194,815 pounds and had 50 days as the average time for properties to find a buyer. The northeast was the only region with a fall in average prices, down 2.4% at 192,566 pounds. London had the smallest increase, with average prices up 0.2% to 681,292 pounds and, alongside the southwest, properties taking the longest to find a buyer at 89 days.

"In February, sellers have taken a more cautious approach by holding onto January's gains rather than pushing prices higher, at a time when competition is high and the market is still very price-sensitive," Rightmove's property expert Colleen Babcock said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

February 16, 2026 00:30 ET (05:30 GMT)

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