House prices are being supported by a lack of new homes, with house prices growing on an annual, quarterly and monthly basis for the first time since October 2018.
In the latest quarter (December-February) house prices were 1.8% higher than in the preceding three months, taking the average UK house to £236,800.
Shortage of houses
Demand for housing and the number of sales both fell again for the third month in a row according to the RICS UK Residential Market Survey.
Russell Galley, Managing Director, Halifax, said: “House prices have grown on an annual, quarterly and monthly basis for the first time since October 2018, taking the average house price to £236,800.
“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.”
January saw 101,170 home sales, on par with the 5 year average of 101,291 and the fifth consecutive month where over 100,000 homes have been sold.