According to the report from Halifax Bank of Scotland, house prices in the three months to February were 2.8% higher than in the same three months a year earlier – up from the 0.8% annual growth rate recorded in January.

In the latest quarter (December - February) house prices were 1.8% higher than in the preceding three months (September - November). The average house price is now £236,800

Russell Galley, Managing Director, Halifax, said: “House prices have grown on an annual, quarterly and monthly basis for the first time since October 2018. The shortage of houses for sale will certainly be playing a role in supporting prices. House price growth is now at 1.8%, an increase from the 0.6% fall last month, and back at the rate we saw from July to September 2018. Annual house price growth at 2.8%, is within our expectations, but is fairly subdued compared to 2015 and 2016, when the average growth rate was 8.3%. People are still facing challenges in raising a deposit which means we continue to expect subdued price growth for the time being.”