(Bloomberg) -- U.K. house prices surged last month, recording an unprecedented jump at the start of the Spring selling season.
The Halifax index showed a 5.9 percent increase in February, though monthly changes can be volatile, and there was a 3 percent drop in January. The annual increase over the past three months picked up to 2.8 percent.
Halifax Managing Director Russell Galley said the shortage of houses for sale will “certainly be playing a role in supporting prices.” He added that the pace of sales growth means the “overall resilience of the market is still evident.”
Still, the property market is expected to be subdued in 2019 as Brexit uncertainty puts off buyers, and young people face challenges in raising a deposit. Halifax has said it projects growth between 2 percent and 4 percent in 2019, compared with rates more than twice that just a few years ago.
--With assistance from Zoe Schneeweiss.
To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Lucy Meakin
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