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House prices jumped by an inflation-shattering £100 a day last month.
The average home leapt nearly £3,100 in value to an average £196,412 in April, said to the Halifax.
The 1.6% monthly rise suggests a brief slowdown is over. Prices rose 0.6% in March after a 0.4% fall in February.
Last month’s surge meant average house prices are 8.5% higher than a year ago, said the bank’s research.
That compares with a 1.8% pay rise for the average worker - meaning house prices are rising 4.72 times faster.
Office for National Statistics data shows the typical employee earns £459 a week, just £10 more than a year ago.
Yet the average home has rocketed £19,622 in value in that time.
£10
Annual wage increase
£19,622
Annual house price increase
Martin Ellis, a housing economist at Halifax, said: “Housing demand is being supported by a number of factors including economic improvement, rising employment and low mortgage rates.
“At the same time, supply remains very tight with a general shortage of properties available for sale.”
Howard Archer, chief UK and European economist at Global Insight, said: “A current shortage of properties coming on to the market seems to be providing increasing support to house prices.
“We expect house prices to rise around 5% overall in 2015.”
However, the pick-up in prices is especially bad for those struggling to get on the property ladder.
Campbell Robb, chief executive of housing charity Shelter, said: “The fight to Number 10 might be all but over, but the battle for a stable home is still raging for generation rent.
“These figures show once again that house prices are far out-stripping wages, pushing a home of their own further and further out of reach for all those priced out.
“Over 80% of homes on the market in England are unaffordable for a typical family, even if they’ve managed to save for a deposit.
“Instead of being able to work hard and secure a home where they can put down roots, millions face being trapped in expensive and insecure rented homes, or living in their childhood bedrooms.”
There's nothing worse than buying a house for an extortionate amount of money - and then finding you can't sell it for the same amount or more.
It's not an exact science, but there are some signs that house prices will rise. Find out what they are here.
You can get a better rate on your mortgage if you save up for a large deposit, but if prices are rising fast you may prefer to get on the housing ladder. Here's our guide to finding a mortgage with a small deposit, and some of the best rates for a 5% deposit.
