According to the report from Halifax Bank of Scotland, house prices in March were 3.0% higher than in the same month a year earlier. Economists had expected a 3.3% increase.

On a monthly basis, house prices were flat at 0.0%. Economists had expected a 0.1% increase.

In the latest quarter (January to March) house prices were 2.1% higher than in the preceding three months (October to December).

Russell Galley, Managing Director, Halifax, said: "The UK housing market began March with similar trends to previous months, as key market indicators showed a sustained level of buyer and seller activity. Overall average house prices in the month were little changed from February's record high, while annual growth nudged up to 3%. These factors all underlined a positive trajectory and increased momentum in the early part of the year, with confidence rising as political and economic uncertainty eased. However, it's clear we ended the month in very different territory as a result of the country's response to the coronavirus pandemic".