Early year price growth was front-loaded into January, Rightmove said.
The average price tag on a home edged down by £12 month-on-month in February following a record jump of nearly £10,000 in January, according to a property website.
Across Britain, the average asking price for a home coming on the market in February is £368,019, Rightmove said.
In January, the average price tag on a home was £368,031.
Rightmove previously said the £9,893 average asking price increase seen in January 2026 was the biggest for the month of January in its 25 years of house price studies.
Over the past decade, asking prices in February have typically increased by 0.8% month-on-month.
But despite the average asking price standstill in February, January’s record asking price increase for the time of year means that 2026 is still the strongest start to a year for asking prices since 2020, with prices up by 2.8% since December, Rightmove said.
It said early year price growth was front-loaded into January as confidence rebounded after a prolonged period of uncertainty surrounding the autumn budget.
Colleen Babcock, property expert at Rightmove, said: “Virtually flat prices in February really needs to be viewed alongside what happened in January.
“After the prolonged uncertainty in the run up to the late November budget, plus the usual Christmas slowdown, we saw activity pick up again from Boxing Day.
“Many sellers, some of whom had been holding back because of the budget, came to market in early 2026 with renewed confidence, which helped to drive that bumper January price rise.
“But the market fundamentals haven’t changed. There are still lots of homes for sale, and buying activity isn’t as strong as this time last year, when many buyers were rushing to move before the stamp duty increase in England.
“So 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 said that, this time last year, a looming stamp duty deadline at the end of March was affecting the market in England, as buyers rushed to complete sales.
It said that, compared with 2024, current trends look stronger.
The number of newly listed properties for sale is 11% higher than two years ago, while the number of sales agreed is 9% higher than at this time in 2024.
Ms Babcock added: “2026 is shaping up to be a good year to buy. Over the last three years average wages are up by around 17%, significantly outstripping property prices which are up by just 1.5% over the same period.
“A more favourable mortgage rate and lending environment are both also helping to improve buyer affordability. For those who are ready to move soon, February could offer a useful window of opportunity to act before the peak spring selling season, when prices usually rise.”
Matt Smith, a mortgage expert at Rightmove, said: “Last year’s review of the loan-to-income cap and reminder to lenders about stress testing flexibility by the FCA (Financial Conduct Authority), have had the intended positive outcome of enabling the typical buyer to borrow more.
“On top of this, there continues to be a strong focus from lenders on helping first-time buyers, with many lenders creating new products to help eligible buyers to borrow larger sums.”
Craig Webster, managing director, Tiger Sales & Lettings in Blackpool, said: “Sellers are becoming more realistic as competition remains high, but demand remains resilient.
“For buyers, conditions are improving. Mortgage rates are trending down, lenders are increasingly competitive and importantly wage growth has outpaced house price growth in recent periods, helping affordability.”
He added: “As we head into the busy spring market, those who are prepared and decisive are likely to be in the strongest position.”
Katie Griffin, director at Sawdye & Harris in Dartmoor, said: “Spring is always our busiest time, and I think we’ll see improved activity if sellers continue to price sensibly. There’s genuine buyer demand out there – people have just been waiting for the right moment and the right property at the right price.”
The report was released as research from property firm Savills estimated the total value of homes across the UK now stands at £9.18 trillion.
It took into account the total value of properties owned outright, with a mortgage, social housing and the private rented sector.
The total value of the UK’s housing stock grew by an additional £136 billion in 2025 but this was smaller than £268 billion added in value the year before, Savills said.
Lucian Cook, head of residential research at Savills, said: “Although the total value of UK housing has continued to edge up over the past year, the capital appreciation of £336 billion since the end of 2022 is the lowest we have seen for a three-year period since 2013.
“That partly reflects the initial pressure put on prices as mortgage costs rose over the course of 2023.
“But equally the housing market has been slow to respond to recent cuts in (the Bank of England) base rate.
“This combined with an absence of price growth across London and the South East, where values are highest, and falling levels of house building has kept a lid on the aggregate number.”
Despite the North of England and the devolved nations accounting for only 27% of the value of all UK homes, they have contributed 60% of total growth since 2022, Savills said.
It said the top performing region is the North West, which has seen the total value of its housing stock increase by £63 billion since 2022.
