House prices in the latest three months (December 2013-February 2014) were 2.1% higher than in the preceding three months, according to the latest Halifax House Price Index.
In addition, prices in the three months to February were 7.9% higher than in the same three months the previous year, which is a continuation in the upward trend in the annual rate.
The Index also found an increase in home sales for the ninth successive month in January to 103,440; 30% higher than in January 2013. The number of mortgage approvals for house purchases – a leading indicator of completed house sales – was 11% higher in the three months to January than in the previous three months and 42% higher than in January last year.
"Several factors appear to have boosted demand, such as the improved economic outlook, unemployment falling faster than expected, improvements in consumer confidence and low interest rates,” explained Stephen Noakes, Mortgages Director.
"However, continuing pressures on household finances, as earnings fail to keep pace with consumer price inflation, are expected to remain a constraint on the rate of growth of house prices,” he added. “We are also seeing signs of a revival in housebuilding, which should help bring supply and demand into better balance and curb upward pressure on prices over the medium and longer terms."
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