The latest House Price Index from Halifax, released on 9 April, has revealed that on a monthly basis, house prices in March were 1.1% higher than in February. In the latest quarter (January to March) house prices were 0.3% higher than in the preceding three months (October to December) and they are up 6.5%, compared to March 2020, to reach £254,606.

Russell Galley, managing director at Halifax, said: “Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March, with prices up by just over 1% compared to February. This rise – the first since November last year – means the average property is now worth £254,606, a new record high.

“A year on from the early days of the first national lockdown, March’s data shows that house prices rose by 6.5% annually, or £15,430 in cash terms. Casting our minds back 12 months, few could have predicted quite how well the housing market would ride out the impact of the pandemic so far, let alone post growth of more than £1,000 per month on average.”