Average house prices in the UK have increased by 4.4 per cent in the year to February 2018, according to the Office for National Statistics.
Craig Hall, new build manager of Legal & General Mortgage Club, said house prices may still be rising, but this more gradual rate of growth should be welcomed.
He said more sustainable price inflation, combined with competitive mortgage rates and an extensive range of products, will help more first-time buyers achieve their dream of homeownership.
Mr Hall said: "Schemes such as Shared Ownership and Help to Buy are also clearly helping these buyers, with research from the Home Builders Federation showing that one in 12 are now using these schemes to get onto the property ladder.
"Whilst we have seen genuine commitment from the government to address our housing crisis, more can still be done to boost housing stock.
"We therefore urge the government and housebuilders to continue working together to find innovative solutions. By embracing more modern methods of construction, we can finally begin to close the gap between supply and demand."
Russell Quirk, founder and chief executive of Emoov.co.uk, said it would seem that UK home seller trepidation is still impacting the market to some extent and the resulting lack of diverse housing stock on the market is ironically subduing buyer demand in the process.
That said, he added the slow in market conditions seems to be coming to an end and other more current industry indicators are showing that the market is returning to full health.
Mr Quirk said: "There is still an appetite for homeownership and as we come to the end of a long tunnel of Brexit uncertainty and political instability, this hunger will only grow larger."
emma.hughes@ft.com
