Average house prices in the UK hit an all-time high last month on the announcement of additional measures in the Budget to assist buyers, according to data out on Friday.

Managing director of Halifax, Russell Galley stated: “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.”

He added: “This rise – the first since November last year – means the average property is now worth £254,606, a new record high.”

In Q1 house prices rose 0.3% compared to Q4.

Data from March reveals house prices in Britain increased by an annual 6.5%, or £15,430, reports Evening Standard.

The additional measures unveiled in the Budget comprised of a mortgage guarantee scheme to assist buyers get on the property ladder; as well as the Chancellor extending the stamp duty holiday to 30 June.

The Halifax managing director added: “Overall we expect elevated levels of activity to be maintained in the coming months, with consumer confidence spurred on by the successful vaccine rollout, and buyer demand still fuelled by a desire for larger properties and more outdoor space, as work-life priorities have shifted during the pandemic. A shortage of homes for sale will also support prices in the short term, as lower availability always favours sellers.”

“However, 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,” he continued.

During the initial lockdown last March, people were urged to avoid moving, yet when the restrictions eased in May, numerous estate agents reported pent-up demand for house moves.