According to the mutual, annual price growth rose to 5.8%, with a monthly increase of 0.8%, taking the price of an average property to £227,826. That’s the highest that annual price growth has reached since January 2015

Robert Gardner, chief economist at Nationwide, cautioned that the outlook for the market remains “highly uncertain” and will depend on how the pandemic, and measures to contain it, evolve.

He noted that while the Stamp Duty holiday will continue to provide a short-term boost, “activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the Stamp Duty holiday expires at the end of March”.

Guy Harrington, CEO of Glenhawk, pointed out that while the nation teeters on the brink of a national lockdown, the housing market continues to “defy conventional wisdom”, with pent up demand boosted by buyers rushing to beat the Stamp Duty holiday deadline.

He added: “The warning lights are well and truly flashing however, with grim unemployment data, the stock market in free fall and mortgage providers tightening their lending criteria. If and when the market corrects is anyone’s guess, but the government must hope that the predictions for a deep recession don’t materialise, otherwise the inevitable collapse in sales volumes will quickly unwind this recovery.”

Mark Harris, chief executive of broker SPF Private Clients, warned that the Stamp Duty deadline was a “concern”, though it was serving to focus buyers’ minds on getting deals done in time.

Headed: “The problem borrowers face is lenders’ service levels, with some struggling with the rise in demand. Price and criteria are key when choosing a mortgage, but borrowers must also consider how long a lender is going to take.

“Nationwide reports that many homeowners are staying put and improving rather than moving. Refinancing to raise money to pay for refurbishments is proving popular as the lockdown experience makes many of us think differently about our homes.”

Jonathan Hopper, CEO of Garrington Property Finders, suggested that the Stamp Duty holiday had “wrenched parts of the property market away from economic reality”, noting that many buyers are now planning a move based on emotional rather than financial reasons, typically a desire for more space, and a better lifestyle, away from big cities.

He continued: “Only the most ‘glass half empty’ person would begrudge the property market its spectacular return to form following the national lockdown. But the momentum cannot last forever.

“Estate agents remain busy for now, but we are seeing some early signs that local lockdowns are suppressing activity levels, particularly in areas where it is barely possible to leave your current home, let alone view somebody else’s.”