Rising house prices are “nowhere near” the point of slowing down, according to one Liverpool agent.

Halifax’s latest house price index shows house prices from November – January nationally were 9.7% higher than in the same three months a year earlier with an average price of £212,430.

Responding to the report, C&D Properties’ managing director, Ian Murray acknowledges the confidence and strength in the market while raising concerns over affordability.

He says: “The report holds no great surprises really. The shortage of availability continues to push prices up, all be it slowly, and we would expect this to continue for the foreseeable future.

“Envisaged rate rises and household incomes increasingly coming under pressure will mean that property prices will slow down at some point, but we are nowhere near that point yet.

“Affordability, particularly for young people and first-time buyers, is an issue that requires urgent attention but right now the market is strong.”

The data also shows that prices rose by 2.2% in the last quarter.

Halifax has noted that while the sales market has picked up since last summer with a higher volume of mortgage approvals, the supply of homes available has dropped to a new record low.

Martin Ellis, Halifax housing economist, adds: “The imbalance between supply and demand continues to exert significant upward pressure on house prices. This situation looks set to persist over the coming months.

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

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