House prices bounced back in February from their January slump last month, as one of the UK's leading banks said the balance of power between buyers and sellers are shifting.
The Halifax House Price Index found prices grew by 1.4% in February, more than offsetting January 0.4%fall.
It forecast that prices would be up by 3% by the end of the year.
February's growth brings the annual rate of house price inflation to 5.5%, with the average price of a UK home standing at 173,498 last month.
Martin Ellis, Halifax chief economist, said that rising council tax and utility bills would prevent sustained acceleration in house prices over the next year.
He also warned that rising house prices in relation to earnings would curb the ability of first-time buyers to enter the housing market.
"The continuing high level of house prices in relation to earnings will curb the ability of many potential first-time buyers to enter the market," said Mr Ellis.
The strong performance recorded by Halifax in February stands in stark contrast to figures released last week by the UK's leading building society, Nationwide, showing a 0.2%price fall last month.
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