House prices continue to rise

House price change on this measure has now remained steady in a narrow range of 1.9% - 2.3% since June 2013 according to the Halifax.

The Index also found that prices were up 8.7% from May 2013 and up 3.9% from April. The average house price is now £184,464.

Commenting, Stephen Noakes, mortgages director at Halifax, said: "The quarter on quarter price change is a more reliable indicator of the underlying trend compared to the monthly price movement.

"On an annual basis housing demand is still strong and continues to be supported by a strengthening economic recovery. Consumer confidence is being boosted by a rapidly improving labour market and low interest rates, although growth in average earnings still remains weak.

"However, there are signs of a revival in housebuilding which should bring supply and demand into better balance and curb upwards pressure on prices over the medium and longer term."

Halifax found that home sales edged down by 1% in April to 103,690, however, transactions were still a third higher than in April 2013. Annually, transactions grew to 1.142 million in the year to March 2014 - a rise of 23% from the same period a year earlier (Source: HMRC, seasonally-adjusted figures.)