Halifax says the average property value in the South West rose annually by 14.8 per cent or £44,642.

This is the first time the average house price in the South West has broke through the £300,000 barrier, reaching £301,632.

The average UK house price increased by more than £3,000 in April, marking the longest run of monthly rises since 2016, according to an index.

Russell Galley, managing director of Halifax, said: “This was the 10th consecutive month that property values have increased, the longest run of continuous gains since the end of 2016.”

At the current rate of growth, the price of a typical UK home could hit £300,000 by the end of the year, but Halifax says that remains unlikely given the economic conditions predicted.

The hike in price is due to a lack of new properties coming on to the market to meet the needs of buyers, accompanied by “strong competition to secure properties”.

Family homes have seen larger price increases, Russell added: “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 per cent, compared to just 7.1 per cent for flats.

“The net cash increase for detached properties, at just under £50,000 over the past year, is nearly five times more than for flats.”

House prices have continued to climb despite the cost-of-living crisis putting a financial squeeze on households.

Inflation is expected to hit 10 per cent-plus in the coming months and the Bank of England raised the base rate to 1 per cent this week, pushing up costs for some borrowers.

Andrew Montlake, managing director of mortgage broker Coreco, said: “Even though prices rose sharply again in April, the house price boom will soon be over.

“The stamp duty holiday, record low interest rates and the race for space triggered an unprecedented surge in demand and activity, pushing prices ever higher, but we’re now entering the business end of the pandemic.”

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