This annual growth rate is up from 4.8% in the 12 months to January. 

On a country basis, the average house price for Wales was £207,000, up 4.1% from a year earlier. This annual rise was lower than the 5.6% rise in the 12 months to January. 

The average house price for Scotland was £186,000, up 5.7% from a year earlier. This annual rise was higher than the 5.3% lift in the 12 months to January. 

The average house price for Northern Ireland was £183,000 in the final quarter of last year, up 9% on the same period a year ago. 

MT Finance director Tomer Aboody says: “As property prices rise, showing demand is high, we are also seeing the lowest sales volumes year on year for the past five years.  

“Lower supply should always translate into higher prices, as buyers fight for the homes that are available. 

Aboody adds: “With the lack of a replacement for the stamp duty concession, inflicted by Chancellor Rachel Reeves, we saw a final stampede towards the end of March, as buyers tried to close transactions before being hit with higher tax. 

“Another reduction in interest rates has been discussed, which will help push volumes up, but in order to get back to levels from yesteryear, stamp duty has to be reduced.” 

Market Financial Solutions chief executive Paresh Raja points out: “The property market remains in a healthy place, albeit with economic turbulence being experienced around the world.  

“For homebuyers and investors, all eyes will be on the Bank of England’s next base rate decision on 8 May.  

“Will the Monetary Policy Committee vote to cut rates amid recessionary pressures, or will it hold again amid all the uncertainty surrounding trade tariffs?  

“This is the key question, and the Bank’s decision will likely be a key factor in determining how the property market goes on to perform through the spring and summer months.” 

L&G Mortgage Services managing director Kevin Roberts adds: “The market is heading in a positive direction as we move into the busy spring period, but it’s still important that aspiring homeowners discuss their options with a professional adviser.  

“With some lenders now offering rates below 4%, there’s a lot of competitive options to choose from. And while some buyers might have help from family, many don’t, which makes tailored professional advice even more valuable. 

“Our broker data shows that activity is picking up, especially among first-time buyers, with a 45% increase in mortgage searches for this group in the first quarter.  

“This year could see affordability improve further if the Bank of England cuts the base rate, as some expect.  

“Lenders are already pricing in that possibility, which is good news for buyers and those looking to remortgage.”