Housing market is well supported

The average price of a property in the UK housing market was £196,649 in February.

That is according to the latest Halifax House Price Index, which showed that annual inflation reached 4.2 per cent in the month.

Further to this, prices in the three months leading to February were 0.2 per cent higher than they were in the previous quarter.

Commenting on the figures, Halifax chief economist Martin Ellis said that strong underlying fundamentals are supporting the UK housing market.

"Over the past year, the average price of a home in the UK has increased by £4,390 to £196,649," he revealed.

"Whilst the housing market has slowed over the past six months, it is supported by sound economic fundamentals.

"Interest rate cuts by the Bank of England are also helping to underpin house prices," added Mr Ellis.

The latest figures from the Land Registry revealed that house prices increased by 0.9 per cent between Decemberand January.

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