The average price of a property in the UK is now £250,457, according to Halifax.

The lender said that prices rose by 4% in the last quarter and by a significant 7.5% over the year to October.

That’s the strongest rate of growth in four years an all-timeb record high level for property prices.

Russell Galley, managing director of Halifax, said: “The average UK house price now tops a quarter of a million pounds for the first time in history. Underlying the pace of recent price growth in the market is the 5.3% gain over the past four months, the strongest since 2006. However, month-on-month price growth slowed considerably, down to just 0.3% compared to 1.5% in September.”

And Galley warned that the mini-boom was likely to slow in the coming months. “While Government support measures have undoubtedly helped to delay the expected downturn in the housing market, they will not continue indefinitely and, as we move through autumn and into winter, the macroeconomic landscape in the UK remains highly uncertain.

“With a number of clear headwinds facing the housing market, we expect to see greater downward pressure on house prices as we move into 2021.”

David Westgate, group chief executive at Andrews Property Group, added:”After a surge led by post-lockdown demand, the stamp duty holiday and a desire to relocate for extra lockdown space, the market is now in cool down mode.

“That the furlough scheme has been extended until the end of March will provide a degree of support to prices but you only have to read the papers to see the rise in the number of unemployed and businesses folding.

“Lenders have grown increasingly conservative in recent months and anyone with a small deposit now has a real struggle on their hands.