Press Round Up February 2026

Tue 17 Mar 2026

2026 saw a strong start to the year for the property market, according to Nationwide building society, with modest house price inflation and a widespread improvement in affordability in January. Jeremy Leaf, principal of Jeremy Leaf & Co Leaf, told Forbes: “Mortgage rates are beginning to drift down again, with realistic prospects for more [reductions], not only helping to enhance affordability but more importantly rebuild the confidence of buyers and sellers who were holding back before the Budget, fearing a more significant hit.”

Halifax’s house price data was similarly upbeat with the lender finding that the average house price rose above £300,000 in January, jumping by 0.7 per cent month-on-month. Jeremy Leaf told The Daily Mail: “There is no question now that the housing market is on the move.” 

The Bank of England held interest rates at 3.75 per cent at its February meeting. Jeremy Leaf told PrimeResi: “While the base rate is, of course, important for the direction of travel of housing market activity, we find on the ground that just as vital to buyers and sellers is the ‘steer’ lenders take from that decision. We have noticed previously that mortgage rates sometimes harden when the base rate is reduced, head south when it is unchanged – or even increase. Following the first rise in inflation for five months in December, it’s no surprise rates have been held this time around but it is worth noting that they are still at their lowest level in almost three years, which is certainly helping boost buyer and seller confidence."

Is London’s property market in crisis with average sale prices flatlining, and most central areas enduring price falls? Michael Zucker of Jeremy Leaf & Co told The Standard that a decline in demand for homes requiring work is a London-wide problem. “Family houses in good locations are still in demand but the high cost of carrying out building works means that properties in need of refurbishment can be difficult to sell,” he says.

Landlords are selling up ahead of the introduction of the Renters’ Rights Act in May this year. Michael Zucker of Jeremy Leaf & Co told The Mail on Sunday that some properties which used to be attractive to investors were seeing hefty discounts: “Some properties such as flats above commercial premises, studio flats, multiple occupation houses, ex-local authority flats in high-rise blocks or on large estates or in noisy locations, which were previously attractive to buy-to-let landlords because of good returns, can be very difficult to sell in the current market. The discount for them, as opposed to attractive owner-occupied properties, can be up to 25 per cent,” he says.

Residential transactions dipped at the start of the year, according to HMRC’s data, with January figures down 5 per cent on December’s. Jeremy Leaf told PrimeResi: “These numbers are always useful as they provide an overview of what’s happening in the whole market - not just mortgaged but cash sales too. The data is a little historic although interesting as it covers the period immediately after the Budget when uncertainty reigned, so ‘marginally lower’ transactions is a positive in our view. We are finding much the same. Most sales are proceeding and relatively few folding without good reason but increased choice means buyers are taking their time with little urgency to complete quickly."