House prices hit a record high of £254,606 on average in March after jumping by 1.1% month-on-month, according to an index.
Across the UK, the average price is around £15,000 higher since the start of the national coronavirus lockdowns in March 2020 – equating to an increase of more than £1,000 per month on average.
Values in March 2021 were 6.5% higher than the same month last year, the Halifax said.
It said Government support measures and a stamp duty holiday have been key to bolstering the housing market.
Russell Galley, managing director of 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…
