The average house price has risen by 18.2 per cent since the start of the first lockdown, or £43,577 in cash terms.

This has taken the national average house price from £239,176 in March 2020 to £282,753 in March 2022, according to the latest Halifax House Price Index, which tracks house prices every month.

And the price rise is even steeper in the South West. The region stretching from Land's End to Tewkesbury has overtaken Wales as the UK's strongest performer in terms of annual price house inflation, now up to 14.6 per cent, its highest rate of annual increase in 18 years. The average house price in the South West is now £298,162 - a record for the region.

Russell Galley, managing director of Halifax, said: "Average UK house prices rose again in March for the ninth month in a row. The increase of 1.4 per cent, or £3,860 in cash terms, was the biggest jump since last September.

"With 2021's strong momentum continuing into the beginning of this year, the annual rate of house price inflation (+11 per cent) continues to track around its highest level since mid-2007. The new record price of £282,753 is up some £28,113 on a year ago."

Halifax said the continued house price inflation is caused by limited supply and strong demand, despite the prospect of increasing pressure on households' finances.

The big increase in prices is making it increasingly difficult for first-time buyers looking to make their first step onto the ladder, but also challenges existing homeowners who face ever bigger leaps to move up the rungs to a larger property.

But ultimately the current pressure on earnings and the economy means prices should start to slow down.

Russell Galley continued: "In the long-term we know the performance of the housing market remains inextricably linked to the health of the wider economy. There is no doubt that households face a significant squeeze on real earnings, and the difficulty for policymakers in needing to support the economy yet contain inflation is now even more acute because of the impact of the war in Ukraine.

"Buyers are therefore dealing with the prospect of higher interest rates and a higher cost of living. With affordability metrics already extremely stretched, these factors should lead to a slowdown in house price inflation over the next year."

The impact of the pandemic on buyer demand is a definite premium on properties offering greater space - both indoors and out. Prices for flats have increased by 10.6 per cent or £15,404 over the last two years, while the average price of a detached property has leapt by 21.3 per cent or £77,717 over the same period.