The average UK house price increased by 1.1% in April to record the tenth consecutive monthly rise, the latest Halifax House Price Index has revealed.

This is the longest run of continuous gains since the end of 2016.

House prices are now up by £47,568 over the last two years, taking the UK average to a record high of £286,079.

Halifax stated that housing transactions and mortgage approvals remain above pre-pandemic levels, adding that the continued growth in new buyer enquiries suggests activity will remain “heightened” in the short-term.

“The imbalance between supply and demand persists, with an insufficient number of new properties coming onto the market to meet the needs of prospective buyers and strong competition to secure properties driving up prices,” commented Halifax managing director, Russell Galley.

“There remains evidence that this demand is centred on larger, family homes, rather than smaller properties such as flats.”

Over the past year, prices for detached and semi-detached properties have risen by over 12%, compared to just 7.1% for flats, the index revealed. The net cash increase for detached properties, at just under £50,000 over the past year, is also nearly five times more than for flats.

“For now, at least, despite the current economic uncertainty, the strong increases we’ve seen in house prices show little sign of abating,” added Galley. “Demand in the housing market remains firm and mortgage servicing costs are relatively stable with fixed-rate deals making up around 80% of mortgages on homes across the industry, protecting many households from the effects of rate rises so far.

“However, the headwinds facing the wider economy cannot be ignored. The house price to income ratio is already at its highest ever level, and with interest rates on the rise and inflation further squeezing household budgets, it remains likely that the rate of house price growth will slow by the end of this year.”

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