House prices in Britain rose by 1.2 per cent last month as the property market continues to weather the economic storm, mortgage lender Halifax said today.

The performance means the UK’s average property price of £163,311 is marginally higher than at the end of last year.

Halifax housing economist Martin Ellis said the prospect of low Bank of England interest rates continued to support the market.

He added: “The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies.”