The UK average house price hit a new record high in March – a year on from the start of pandemic lockdowns.
The average price hit £254,606, according to Halifax, which tracks the prices of house on which it offers mortgages.
House prices gained 1.1% in March compared to February. March was initially set to be the final month of a stamp duty holiday, before it was extended by chancellor Rishi Sunak.
March was the first house price rise since November, said Russell Galley, Halifax’s managing director. He said:
“Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March.
“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.
“The continuation of government support measures has been key in boosting confidence in the housing market. The extended stamp duty holiday has put another spring in the step of home movers, whilst for those saving hard to buy their first home, the new mortgage guarantee scheme provides an alternative route onto the property ladder.”
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