Figures from the latest Halifax House Price Index show monthly house price growth of 1.4% the biggest increase for six months. This has pushed the average property price to reach another new record high of £282,753 and two years on from the first lockdown, house prices have now risen by £43,577.

Average UK house prices rose again in March for the ninth month in a row. The increase of 1.4%, or £3,860 in cash terms, was the biggest jump since last September, according to Halifax.

Russell Galley, the Managing Director of Halifax, said: “With 2021’s strong momentum continuing into the beginning of this year, the annual rate of house price inflation (+11.0%) continues to track around its highest level since mid-2007. The new record price of £282,753 is up some £28,113 on a year ago, not far off average UK earnings over the same period (£28,860*).

“The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of increasing pressure on households’ finances. Although there is some recent evidence of more homes coming onto the market, the fundamental issue remains that too many buyers are chasing too few properties.”