House prices surged unexpectedly last month buoyed by a shortage of homes for sale, according to the latest survey by the mortgage lender Halifax. The 5.9 per cent rise in February was the biggest monthly jump since at least the 1980s and well above the 0.1 per cent increase expected by economists. Halifax said that part of the rise was down to a rebound in prices following a 2.9 per cent fall in January as well as a disproportionate increase in house sales in southeast England, where prices are typically higher than elsewhere, and fewer homes on the market. Russell Galley, managing director at Halifax, said: “The shortage of houses for sale will certainly be playing a role in supporting prices. People are still facing…

Source: The Times March 07, 2019 09:04 UTC