House prices in February increased by 2.8% on the same period last year, according to the latest Halifax House Price Index.
On a monthly basis, house prices rose by 0.3%, and in the latest quarter (December to February) house prices were 2.9% higher than in the preceding three months (September to November).
However, the British banking brand said that when looking ahead there are a “number of risks”, including the potential impact of coronavirus, which continue to “exert pressure” on the economy. It added it will “wait to see” how these will affect housing market sentiment later in the year.
Russell Galley, managing director at Halifax, said: “The UK housing market has remained steady heading into early spring, with house prices increasing by 0.3% in February and up 2.8% on the previous year. “Much like we saw in January, the increases seen in February reflect the continued improvement of key market indicators.
“The sustained level of buyer and seller activity is strong compared to recent years, with positive employment conditions and a competitive mortgage market continuing to support demand.”