House prices inch up in February

UK HOUSE prices edged up in February, as the housing market continued to show signs of improvement.

Property values were 0.5 per cent higher month on month in February, with the average house costing £163,600 according to data out this morning from Halifax.

On an annual basis, prices were 1.9 per cent higher in February.

“House sales also continue on a modest upward trend. This increase in both house prices and activity in recent months is consistent with evidence of some improvement in market conditions,” said Martin Ellis, housing economist at the lender.

“We expect to see a national increase in house prices over the course of 2013. Weak income growth and continuing below-trend economic growth, however, are likely to remain significant constraints on housing demand."