Catherine Mann, a member of Bank of England's Monetary Policy Committee has seen indications of a "revival” in the UK's property market.

This observation was made by the BoE's MPC member, who sets the base rate. It follows Halifax reporting an increase in house prices in February. Mortgage rates are decreasing, and lenders are offering more competitive products.

Mann said in an interview with Bloomberg TV that she saw a decrease in mortgage rates since the peak last autumn and more competition between lenders in terms of product offerings.

"This suggests to me that there is more revival than a continuing downward momentum."

Most forecasters predict that house prices will fall this year, despite the positive trend. Mann however downplayed any concerns about a market crash, noting that there has been a 28% price increase since the beginning of the pandemic.

She said that although there is some price decline, it is not significant in comparison to the average growth in prices over the past couple years. "We must consider what the starting point was."

Halifax reported that house prices increased by 1.1% in December, which was the second increase this calendar year and 2.1% compared to a year ago. Kim Kinnaird from Halifax Mortgages stated that the recent reductions in mortgage rates, improved consumer confidence and continued resilience in the labor market have arguably helped stabilise prices after the December and November falls.

Kinnaird said that the cost of a house is down quarterly, but the underlying activity still indicates a downward trend.