In the Feb 2026 UK Land Registry HPI snapshot, the latest country-level readings point to an uneven recovery across Great Britain rather than a uniform upswing. One series is still running far ahead at an index level of 120.60 with annual growth of 7.50%, while the rest cluster much closer to 101.50, 102.70, 104.20 and 106.60.

That gap matters for long-term buyers and policy-aware readers because housing cycles rarely turn in sync across all parts of the market. The current picture is less about month-to-month noise and more about how far each part of the country-level set sits from its own recent high-water mark.

The latest snapshot shows one clear outperformer and a broad middle pack

In the Feb 2026 snapshot, the most important takeaway is dispersion: one series remains well above the rest, while the other four sit in a much tighter band. That kind of spread is typical when a housing cycle matures unevenly rather than lifting all regions at the same speed.

The top reading is 120.60, with annual growth of 7.50%. The remaining four readings are 106.60, 104.20, 102.70 and 101.50, with annual changes of 2.30%, 2.50%, 1.20% and 0.80% respectively.

Put differently, the leading part of the dataset is not just ahead on annual growth; it is also structurally higher on the index level itself. The gap between 120.60 and the next-highest reading of 106.60 is visually large even before any deeper cycle analysis. Meanwhile, the lower cluster around 101.50 to 104.20 suggests parts of the market that have recovered, but without the same degree of cumulative uplift.

The cycle accelerated through late 2024 and early 2025 before momentum split

Across the 2024 to 2026 run in this dataset, the main turning point was the move from muted or flat annual growth in mid-2024 to firmer gains by late 2024 and early 2025. In housing markets, that kind of re-acceleration often appears first in selected regions before broadening only partially.

At the softer end of the cycle, annual growth was close to flat in mid-2024: 0.00% in Jun 2024, 0.00% in Jul 2024, 0.60% in Aug 2024, and 1.60% in Oct 2024 for one of the lower-index series. Another series moved from 0.30% in May 2024 to 2.00% in Jun 2024, 2.70% in Jul 2024, 2.00% in Aug 2024 and 3.10% in Oct 2024. A third rose from 0.50% in May 2024 to 2.10% in Jun 2024, then to 3.00% in Dec 2024 and 3.50% in Jan 2025.

The standout series was stronger throughout. It held 6.60% in Apr 2024, May 2024 and Jun 2024, then 6.30% in Jul 2024 and Aug 2024, before rising to 8.40% in Oct 2024, Nov 2024 and Dec 2024 and then 9.00% in Jan 2025, Feb 2025 and Mar 2025.

That early-2025 phase looked like a broad upswing. By Mar 2025, the five annual growth readings in the dataset were 3.00%, 5.10%, 9.00%, 5.50% and 3.20%. But the later pattern was not a straight continuation. By Apr 2025, one reading had slowed to 1.10%, another to 1.60%, while the strongest series eased from 9.00% to 5.70%.

Peak levels were reached at different times, which is the clearest sign of an uneven market

Across the latest available cycle, the clearest signal is that peaks did not arrive simultaneously. That staggered pattern usually matters more than a single monthly change because it shows where price pressure persisted and where it faded sooner.

The highest index level visible in the full dataset is 120.60, first seen in Oct 2025 and then repeated in Nov 2025, Dec 2025, Jan 2026 and Feb 2026. That series therefore reached a late-cycle high and then held it.

The next tier peaked lower. One series reached 110.30 in Nov 2025 before easing to 107.60 in Dec 2025 and 107.30 in Jan 2026. Another climbed to 106.60 in Feb 2026, which is its highest reading in the data provided. A fourth hit 105.80 in Dec 2025 before slipping to 102.60 in Jan 2026 and 102.70 in Feb 2026. The fifth series peaked at 104.40 in Nov 2025 and then moved down to 103.10 in Dec 2025, 101.30 in Jan 2026 and 101.50 in Feb 2026.

These peak patterns separate the country-level set into three groups: a leader that kept climbing into late 2025 and then plateaued at 120.60; a middle group that peaked around late 2025 or early 2026; and a softer group that rolled over more quickly after reaching the low-100s.

The late-2025 to early-2026 slowdown is visible in most of the lower-index series

From late 2025 into Feb 2026, the market tone shifted from broad firming to selective resilience. In mature housing cycles, that pattern often shows up as a plateau in the strongest segment and softer annual rates elsewhere.

One series moved from 4.40% in Dec 2025 to 1.40% in Jan 2026. Another slowed from 3.60% to 1.40% over the same turn of the year? No: the dataset shows 3.60% in Dec 2025 and 1.40% belongs to a different series, so the better reading here is that the 3.60% series eased to 1.40% only where the index itself shifted across separate lines is not identifiable from the provided labels. What can be stated directly is that the Jan 2026 annual growth set was 1.80%, 1.00%, 1.40%, 7.50% and 0.70%, and the Feb 2026 set was 2.30%, 7.50%, 1.20%, 2.50% and 0.80%.

That means the strongest line held 7.50% at the start of 2026, while the rest were all running at 2.50% or below. Even where index levels remained above 100, the pace of annual appreciation had clearly cooled versus the stronger readings seen in late 2024 and early 2025.

For buyers and analysts, that is the practical message in the latest cycle data: the market has not reversed into a common downturn, but neither is it delivering a uniform national rebound. The dominant feature is divergence — one high-running series at 120.60 and four others much closer to flat-to-moderate annual growth.

The current cycle sits above mid-2024 lows, but not all parts of the market have the same cushion

Using the 2024 to 2026 history in this slice, the broad cycle story is recovery from softer mid-2024 conditions into a higher late-2025 plateau, followed by cooling in several series. Housing markets often feel strongest when annual growth broadens; here, the broadening happened, but it did not fully persist.

The lower end of the dataset included readings such as 97.20 in Apr 2024, 98.30 in Apr 2024, 98.30 in May 2024, 98.50 in Jun 2024 and 99.40 in Jul 2024. Against that backdrop, the current levels of 101.50, 102.70 and 104.20 show that these series are still above their softer 2024 positions. Likewise, the 106.60 reading is above its own earlier values such as 103.20 in Apr 2024, 103.00 in May 2024 and 103.50 in Jun 2024.

The strongest series also sits well above its earlier 2024 marks of 108.00 in Apr 2024, May 2024 and Jun 2024, and 111.10 in Jul 2024 and Aug 2024. Its move to 112.20 in Oct 2024, then 113.40 in Jan 2025, 114.10 in Apr 2025 and 118.90 in Jul 2025 before reaching 120.60 in Oct 2025 sketches the clearest uninterrupted climb in the dataset.

So the long-view reading is straightforward: the latest UK Land Registry HPI country-level set still sits above the softer patch seen in 2024, but the distance from those lows varies sharply. That variation, more than the headline fact of positive annual growth, is what defines the current phase of the cycle.

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Published: June 7, 2026