According to Halifax, buyers paid an average price of £486,595 for a detached property in December, 10% more than in December 2019.

The 10% increase for detached houses far outstrips that for other properties. Home-movers had to pay an extra £200,000 to switch from a semi-detached property costing £287,313 in December. Terrace houses were also in demand, with values rising 5.8% to an average of £202,540. Flats recorded the smallest increase, of 3.2%, to an average price of £146,717.

In the six months to December, the average UK house price has increased by 6.3%, the fastest growth rate since immediately before the 2008 financial crisis in early 2007. The price of a detached home has trebled in the last 20 years.

The news comes as the government’s stamp duty holiday on property purchases worth up to £500,000, regarded as a key reason for a boom in house prices last year, is due to expire next month.

Russell Galley, managing director of Halifax, said significant demand for bigger homes was making it tougher for those on the bottom of the property ladder to move to a larger house.

He said: “The gaps between each rung of the housing ladder have widened significantly. Those who have been unable to take a step up the housing ladder in the last year or so may find it harder to trade up than ever before.”