House prices in West Midlands hit new record level - find out what they are worth

And nationally, the average price of a home is now above £300,000, according to Halifax.

​The average UK house price reached a new high of £301,151 in February, according to an index created by the mortgage lender.

Property values nationally increased by 0.3 per cent month on month typically, following a 0.8 per cent rise in January, Halifax said. 

The average house price increased by 1.3 per cent annually in February. 

In the West Midlands, the average price of a house is now at a record £263,072, which is up one per cent on last year.

That compares to an average price in the East Midlands of £246,697, up just 0.2 per cent in a year. In Wales the average price has jumped by 2.4 per cent to £231,637.

Amanda Bryden, head of mortgages, Halifax, said: "Since the start of the year, average prices in the UK have increased by around £3,000, with a typical property now costing £301,151. 

"These latest figures suggest the market has regained some momentum after a softer end to 2025." 

She added: "Looking ahead, geopolitical uncertainties seem set to influence the outlook for inflation and the wider economy. Against that backdrop, markets are now anticipating a more gradual path for interest rate reductions. If realised, the speed at which borrowing costs ease may be tempered." 

Average house prices and the annual change

West Midlands , £263,072, 1.0%

East Midlands , £246,697, 0.2% 

Wales , £231,637, 2.4%

Eastern England , £333,450, minus 0.7% 

London , £538,200, minus 1.0% 

North East, £181,838, 3.5% 

North West, £246,292, 2.9% 

Northern Ireland , £218,608, 6.3% 

Scotland , £222,286, 4.7% 

South East, £383,834, minus 2.2% 

South West, £302,775, minus 0.9% 

Yorkshire and the Humber, £218,777, 1.6%

Several major mortgage lenders have announced increases to mortgage rates this week, with HSBC UK and Nationwide Building Society having increased some rates on Friday. 

The changes follow increases in swap rates, which are used by lenders to price mortgages, with the conflict in the Middle East leading to market expectations of higher inflationary pressure. Alice Haine , a personal finance analyst at Bestinvest by Evelyn Partners said: "Now the housing market has a fresh challenge: conflict in the Middle East that has sent energy prices soaring, creating an inflationary headwind which may cloud the outlook for interest rates, just at a point when borrowing costs had eased into more palatable territory.

" The Bank of England had been expected to cut interest rates at its next Monetary Policy Meeting on March 19 , supported by easing inflation, concerns over rising unemployment and sluggish economic growth - with the potential for further cuts later in the year. 

"However, fears are now mounting that rate cuts may be delayed, or worse, that the Bank may even need to raise rates again to counter a fresh inflationary shock driven by surging energy prices." 

Tom Bill , head of UK residential research at Knight Frank, said: "Momentum in the housing market had been rebuilding after November's Budget and the outlook for mortgages was brighter only a week ago. However, a prolonged conflict in the Middle East would dampen sentiment and delay rate cuts due to rising inflation, which would put downwards pressure on prices. 

"That said, we have seen how quickly interest rate expectations can change this year, and the underlying weakness in the jobs market is one of several reasons that multiple cuts could come back onto the table in 2026, which would support demand.  A lot hinges on the length of the conflict." 

Tony Gambrill , regional sales director at Chestertons, said: "In February, the property market was driven by first-time buyers as well as families wanting to upsize which boosted demand for new-build homes and larger houses. 

"Despite some lenders raising mortgage rates again, house hunters remain undeterred which suggests a particularly busy and competitive spring market ahead." 

Mary-Lou Press , president of NAEA ( National Association of Estate Agents ) Propertymark said: "The latest Halifax House Price Index confirms that average property values have remained above the £300,000 mark for the second consecutive month, reinforcing the resilience of the UK housing market. 

"Sustained pricing at this level signals continued buyer confidence, despite affordability pressures and wider economic uncertainty." 

Iain McKenzie , chief executive of The Guild of Property Professionals, said: "Importantly, price growth is being balanced by a healthier level of supply, with around 6% more homes on the market than a year ago. 

"This is helping to keep values in check and is creating a more sustainable environment for buyers and sellers alike." 

Nicky Stevenson , managing director at Fine & Country, said: "Overall, we are seeing a healthy backdrop for both buyers and sellers as we head towards the spring moving season."