Giant rebound in house prices sees biggest rise in six months
Danny Belton, of the Legal & General Mortgage Club, said: “Mortgage rates remain close to all-time lows, so now is a good opportunity for first-time buyers to get their feet firmly on the housing ladder.”
Sam Mitchell, of online estate agents House Simple.com, added: “For a month in which persistent snow kept cars on drives, this is an enormous rebound.
“With mortgage affordability at its highest level in a decade, the housing market is set for a very busy spring and summer.
“Any Brexit fears seem to have abated and we are seeing healthy interest, particularly in the north of England where the stamp duty freeze for first-time buyers has helped stimulate the market.
“Savvy sellers who are pricing effectively are having no problems getting offers.”
Russell Galley, managing director of Halifax, predicted more price rises as the property market heads into the busy spring and summer months.
This will be underpinned by continued low mortgage rates, a “robust” labour market and a continuing shortage of properties for sale.
Russell Quirk of Emoov.co.uk said: “While we have seen a tentative start to the year, it would seem that the spring is starting to return to the UK market.”
Building society Nationwide reported house prices up by an annual 2.1 per cent last month.