House prices in the three months to February rose 1.8 per cent higher on the same period of 2017 but slowed 0.4 per cent on the three months to January.
The latest Halifax house price index says the average house price was £224,353 in February.
On a monthly basis, house prices rose by 0.4 per cent in February, following two monthly falls.
Halifax managing director Russell Galley says: “House prices continue to remain broadly flat, as they have since the end of last year.
“Despite the November rise in the Bank of England Base Rate, mortgage rates continue to stay low by historical standards.
“While we expect price growth to remain low, the low mortgage rate environment, combined with an ongoing shortage of properties for sale, should continue to support house prices over the coming months.”
Mortgage Advice Bureau head of lending Brian Murphy says: “The report released by the Halifax this morning indicates that house price growth is still evident, albeit at a modest level on both a month-on-month and year-on-year basis of 0.4 per cent and 1.8 per cent respectively.
“Having said that, the Halifax, along with other leading indices, had suggested previously that 2018 would be a ‘flat’ year for both the number of transactions and property values, therefore to some extent the market is performing to expectations with no cause for alarm.”
Halifax house price figures are seasonally adjusted.
E.surv director Richard Sexton says: “While we hope to see house price growth remain at its current levels, this alone is not enough to solve our housing crisis.
“Until we can successfully resolve the issue of limited supply by building the 300,000 homes needed per year, many would-be homeowners will continue to be squeezed out of the market or having to rely on financial help through the Bank of Mum and Dad.”
