House prices in February were 2.8% higher than in Feburay 2018, according to Halifax.

The lender said that on a monthly basis, house prices rose by 0.3% to reach an average £240,677.

In the latest quarter (December to February) Halifax found that house prices were 2.9% higher than in the preceding three months (September to November).

Managing director, Russell Galley, said: “Much like we saw in January, the increases seen in February reflect the continued improvement of key market indicators. The sustained level of buyer and seller activity is strong compared to recent years, with positive employment conditions and a competitive mortgage market continuing to support demand.

“Looking ahead, there are a number of risks, including the potential impact of coronavirus, which continue to exert pressure on the economy and we wait to see how these will affect housing market sentiment later in the year.”

Jonathan Hopper, CEO of Garrington Property Finders, added: “The market has certainly turned a corner and that’s coming across strongly in these figures because buyers and sellers aren’t quite in sync.

Buyers have been very active but agents are telling us many sellers have held off going to market until the spring, so there just aren’t enough properties to meet demand at the moment.

“However, talk is already now turning from the staying power of the Boris Bounce to the possible effects of a Coronavirus Crunch.

“Any slowdown in activity is unlikely to be a result of cancelled viewings. They aren’t sporting events and, though we’ve heard of a few vendors cancelling visits because they don’t want strangers in their homes at the moment, they are very much in the minority.

“Where a pandemic could bite, though, is through the havoc being wreaked on the stock market. A downturn is currently affecting all the world’s indices and this threatens to erode confidence of would-be house hunters in the short term.”