Annual house price growth was 10.1% in March 2016, according to the Halifax House Price Index. The average price for a house is now £214,811 – a quarterly change of 2.9% and a monthly change of 2.6%.

Brian Murphy, head of lending at Mortgage Advice Bureau, says that the reason for this boost in house prices can be put down to the closing of the financial year, as well as a last-minute rush for people to buy additional properties before the stamp duty tax surcharge came into effect on April 1st.

Murphy says that, “although this may come as another blow to those trying to get their foot on the property ladder, today’s rock-bottom mortgage rates and the huge number of products available means mortgages are far more affordable than we have seen in a very long time.”

Murphy added that he doesn’t expect to see the sharp rise in prices to continue in the coming months: “We expect house prices to follow a steadier trajectory as the market adapts to the new stamp duty changes and those in the buy-to-let and second homes market weigh up how this will affect their finances.”