House prices in England and Wales rise for first time in nine months
Home values in England and Wales rise for first time in 9 months on surge in demand in south
UK house prices rose for the first time in nine months in February as demand for homes increased in London and southern England, Hometrack said.
The number of new buyers registering with agents rose 14.3 per cent on the month, outpacing an 8.7 per cent increase in supply. From a year earlier, values were down 0.1 per cent.
"The impetus for improved market conditions and higher prices has been driven by London and the home counties of southern England, where there is the greatest mismatch between supply and demand," said Hometrack's Richard Donnell.
"We expect demand for housing to continue to grow as we move into spring."
While higher inflation has squeezed households, the Bank of England's Funding-for-Lending Scheme has boosted credit availability, with policymaker Paul Fisher noting that mortgage activity is beginning to revive.