Property values were up 1.1% year on year in April, accelerating from a 0.4% rise the previous month.

The average UK home price was £288,949 in April, up from £288,781 in March, Halifax said.

Halfax head of mortgages Amanda Bryden said: “Activity and demand is improving, evidenced by greater numbers of mortgage applications so far this year, while at an industry level, mortgage approvals have reached their highest point in 18 months.”