According to the latest house price figures compiled by the UK’s largest mortgage lender, Halifax, the average UK property increased in value by 1.4% in the three months to May compared to the previous three months, giving an unchanged annual rate of growth of 9.2%,

The average price of a British home now stands at £213,472.

Commenting on the figures, Halifax housing economist Martin Ellis said:

“Low interest rates, increasing employment and rising real earnings, continue to support housing demand. The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace in quarterly and annual terms.

“Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses.”