Quarterly house price growth jumps 2.2%

The quarterly rate of change increased following two successive months below 2.0%.

Prices in the three months to January were 9.7% higher than in the same three months a year earlier - higher than December’s 9.5%. The annual rate has been in a narrow range between 8% and 10% for nearly the whole period since the start of 2015.

House prices increased by 1.7% between December and January.

Martin Ellis, Halifax housing economist, said:

"House prices in the three months to January were 2.2% higher than in the previous three months. This was higher than in the two preceding months when this measure was below 2.0%.

“The imbalance between supply and demand continues to exert significant upward pressure on house prices. This situation looks set to persist over the coming months. Further ahead, increasing affordability issues, as price increases continue to exceed wage growth, are likely to curb housing demand and cause price growth to ease.”