Halifax has reported that house prices in February were 2.8% higher than in the same month a year earlier.

On a monthly basis, house prices rose by 0.3%.

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

Halifax said the average price of a home is now £240,677.

Russell Galley, managing director at Halifax, said: “The UK housing market has remained steady heading into early spring, with house prices increasing by 0.3% in February and up 2.8% on the previous year.

“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.”

Miles Robinson, head of mortgages at online mortgage broker Trussle, added: “The increase in house price growth suggests that the housing market is beginning to emerge from its winter slumber.

“Brexit-linked economic uncertainty is, for now at least, on the backburner and the Government has a clear mandate to carry out whatever spending programme it sees fit. This, alongside low interest rates, supports the type of environment that would-be buyers have been desperate for, for years.

“However with coronavirus expected to have far reaching economic implications, it’s difficult to predict how the housing market might be affected. In the shorter-term we could see activity dip slightly – particularly after lenders were warned to prepare to allow mortgage repayment relief to help mitigate the virus’ impact.”