NAEA: May Halifax house price figures

Following the publication of Halifax figures revealing a 2.6 per cent increase in house prices in May, Peter Bolton King, chief executive of the National Association of Estate Agents, said: "This is one more indicator that the pent-up demand in the housing market is beginning to move. Our agents are reporting increased sales, more people wanting to look for property and a healthy resurgence in first time buyers.

"However it would be silly to speak as if the property market has recovered. The Government must do everything in its power to help ensure that this is not a bubble. Specifically they must re-examine stamp duty, which is a tax on aspiration and a barrier for thousands of first time buyers."