The average house price in the UK grew 1.1 per cent from February to March, the latest Halifax house price index shows.

By Halifax’s numbers this is the first monthly rise seen since November 2020.

It also adds up to an annual rise of 6.5 per cent, which brings the average house price up to £254,606.

The lender says that government support measures and tightening supply of homes for sale will support prices in the short term.

“However,” says Halifax managing director Russell Galley, “with the economy yet to feel the full effect of its biggest recession in more than 300 years, we remain cautious about the longer-term outlook.

“Given current levels of uncertainty and the potential for higher unemployment, we still expect house price growth to slow somewhat by the end of this year.”

This isn’t a sentiment shared by everybody. Buraq London founder Adnan Shah comments: “Out-of-lockdown fever is set to propel prices even higher in the coming months as the success of the UK’s vaccination programme fuels consumer confidence and the extension of the stamp duty holiday encourages buyers.”

He adds: “Travel restrictions have kept out overseas investors for many months, and we’re expecting to see another boom in house prices later once foreign buyers are allowed back in.”

And James Pendleton property expert Lucy Pendleton says: “With good weather and the prime moving season still to come this year, we probably haven’t seen the top of this market. A cooling off in the annual rate of growth is inevitable eventually but that’s not likely to happen in any significant way until 2022. That’s over the horizon and far away for most buyers, who are either still desperate to get on the property ladder or yearning for more space.”

SPI Capital chief executive Anna Clare Harper says that aside from government intervention and low interest rates, rising living standards are pushing up prices. “This is a long-term, global trend,” she says, “and we have seen it come to the fore in the UK housing market the form of existing homeowners trading up to improve their living environment, spurred on by multiple lockdowns.

“The trend of rising living standards is expected to continue in the long term, though the unfortunate truth is that it is unequal within and between generations. For lower income households and younger generations, affordability constraints and preferences for flexibility will continue to boost rental demand, throughout wider uncertainties and the inevitable unemployment that comes with the difficult economic circumstances we find ourselves in.”

Meanwhile, Glenhawk chief executive Guy Harrington says: “The continuation of government support measures has only added unnecessary fuel to the fire in stimulating house price growth, regardless of the deep and lengthy recessionary environment that still looms large.

“Given that it is unlikely the government will do a U-turn on any of its support policies, the housing market will continue its untenable boom until autumn. How long this will endure once the job support scheme, stamp duty holiday and other stimulus measures end is anyone’s guess.”