The Halifax house price index indicates that house prices rose 1.2 per cent in the first three months of 2013 from the three months prior. This marks the fourth consecutive increase in house prices as measured by Halifax.
This news comes as there are worries that chancellor George Osborne's Help to Buy scheme could inflate house prices further.
Home sales increased by five per cent between January and February on a seasonally adjusted basis, according to the latest industry figures. According to HMRC sales in February were 10 per cent higher than in February 2012 at 85,710.
Halifax housing economist Martin Ellis:
Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of this year.