Alex Kerr, UK economist at Capital Economics, said that Halifax’s April estimates were “much better than expected” and suggest that the market has slowed over the past couple of months because of the “temporary influence of the rise in stamp duty thresholds on April 1, rather than a slump in underlying demand”. He expects house prices to rise 3.5 per cent in 2025, followed by growth of 4.5 per cent in 2026.