Halifax has reported that house prices in the three months to February were 9.7% higher than in the same three months a year earlier.

Meanwhile, house prices in the latest three months were 3.0% higher than in the preceding three months.

Halifax said the average price of a home is £209,495.

Martin Ellis, Halifax housing economist, said: “House prices in the three months to February were 3.0% higher than in the previous three months whilst the annual rate remained unchanged at 9.7%.

“Prices continue to rise at a robust pace driven by a significant imbalance between supply and demand. Whilst this position is likely to continue over the coming months, there are some tentative signs that the supply situation may be beginning to improve. Instructions for secondhand properties coming up for sale have increased in the past two months and the level of housebuilding increased significantly in 2015.

“Further ahead, increasing affordability issues, as house price increases continue to exceed wage growth, are likely to curb housing demand and cause price growth to ease.”