House prices climbed 3.3% in the three months to June.
UK house prices jumped 1.7% between May and June, according to the latest Halifax House Price Index.
This has taken the average cost of a UK home from £196,866 to £200,280.
On a quarterly basis, house price growth also jumped significantly, rising 3.3% which is the highest figure in more than a year.
Annual house price growth also increased sharply from 8.6% in May to 9.6% in June. That's the highest annual house price growth figure since September 2014, though still below last July’s peak of 10.2%.
It's worth noting Halifax’s index contradicts figures from Nationwide, which suggested average house prices actually fell in June. For more read House prices fall again in June, says Nationwide.
How house prices have changed
Here’s how prices have changed over the last 12 months according to the Halifax House Price Index.
|
Month/year |
Average house price |
Monthly change |
Quarterly change |
Annual change |
|
June 2014 |
£183,825 |
-0.4% |
2.3% |
8.8% |
|
July 2014 |
£186,073 |
1.2% |
3.5% |
10.2% |
|
August 2014 |
£186,101 |
0% |
2.9% |
9.7% |
|
September 2014 |
£186,898 |
0.4% |
2.7% |
9.6% |
|
October 2014 |
£186,223 |
-0.4% |
0.9% |
8.8% |
|
November 2014 |
£187,197 |
0.5% |
0.8% |
8.1% |
|
December 2014 |
£189,304 |
1.1% |
0.3% |
7.8% |
|
January 2015 |
£192,954 |
1.9% |
1.8% |
8.5% |
|
February 2015 |
£192,182 |
-0.3% |
2.6% |
8.3% |
|
March 2015 |
£192,328 |
0.4% |
2.6% |
8.1% |
|
April 2015 |
£196,355 |
1.6% |
2.2% |
8.5% |
|
May 2015 |
£196,866 |
0.3% |
2.1% |
8.6% |
|
June 2015 |
£200,280 |
1.7% |
3.3% |
9.6% |
Source: Halifax
What’s pushing up house prices?
[SPOTLIGHT]Halifax said economic growth, higher employment, earnings growth and low mortgage rates were supporting housing demand.
However, housing supply remains incredibly tight.
The bank explained the stock of homes available for sale is currently at record low levels. Martin Ellis, housing economist at Halifax, said: "This shortage has been a key factor maintaining house price growth at a robust pace so far in 2015."
Looking for a mortgage? Compare rates
More on mortgages and home:
Are interest-only mortgages making a comeback?
Number of fee-free mortgages quadruples in five years
Millions wasting money staying on their mortgage lender's SVR