Britons who want to buy a new home may feel the pinch as prices rise for the fifth consecutive month, according to new data.
However, property prices in one region have fallen, making them a good prospect for those hoping to invest in a new place without breaking the bank. Eastern England might just be the ideal place to buy.
Halifax's latest House Price Index revealed that "the average house prices rose by +0.4 per cent in February, the fifth monthly rise in a row".
It read: "A typical UK home now costs £291,699, around £1,000 more than last month."
Britons looking to move may want to consider Eastern England where house prices have dropped
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But despite the overall house price increase, properties in Eastern England have dropped.
According to the House Price Index, "properties in Eastern England fell the most last month, when compared to the rest of the UK’s nations and regions".
Homes in this region are selling for an average of £329,927 (-0.8 per cent), which saw a drop of £2,794 since the same time in 2023.
The East of England includes Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk.
Nations and regions average house prices
Northern Ireland: Increased by +5 per cent
North West: Increased by +4.4 per cent
North East: Increased by +4.2 per cent
Wales: Increased by +4.1 per cent
London: Increased by +1.5 per cent
Eastern England: Decreased by -0.8 per cent
Visit East of England called this region a "diverse" one. Home to Cambridge University - "a magnet for visitors to England", Norfolk's royal Sandringham Estate, horseracing haven Newmarket and "utterly charming" Suffolk coast.
However, those looking to buy in Northern Ireland will find that house prices have jumped by +5 per cent on an annual basis, making it "the strongest performing nation or region in the UK".
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Cambridge University in Suffolk attracts visitors from all around the world
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Properties in Northern Ireland now cost an average of £195,956, which is £9,359 more than the same time in February 2023.
The North West of England saw house prices increase by +4.4 per cent to £232,128. In the North East, house prices increased on average by +4.2 per cent.
The newest data found that Wales "also recorded strong increases over the last year", with a house price increase of +4.1 per cent.
London remains the most expensive place to live in the UK, with the "highest average house price across all of the regions", at £536,996.
House prices in the capital city have increased +1.5 per cent, which was the first positive annual growth seen since January 2023.
