The Nicene-Constantinople Creed of 381AD states,
"...He will come again in glory to judge the living and the dead, and His Kingdom will have no end."
This statement, which has been a fundemental of church belief, was written in opposition to the Modalists, who denied the Trinity, and just saw God 'in the form of' Father, Son, and Holy Spirit, and not the Person(s) of. It also rejects "Arianism" or the Gnostic heresy that makes "the Son" a creation of the Father, and not pre-existant with the Father, therefore, "not God".
What was also opposed was "Chiliasm", a Greek rooted word that described the Physical 1000 Year Reign on Earth by Christ in Jerusalem, after the Resurrection of the Just, or the "Rapture". This doctrine was taught by Justin Martyr, Tertullian, and Irenaeus of Lyons had devoted 5 chapters in Book V(30,31,32,33,34-Against Heresies). It's main detractor was Augustine of Hippo, who saw the Church "figuratively" representing the "1000 year Reign of Christ on the earth as the "Israel of God", therefore there was no need for any other. According to the account written in the Encyclopedia of World Religions(1999 Merriam Webster),
Augustine went still further, arguing that no historical event or
chronology can be interpreted apocalyptically; and that the millennium
was not a future event but already in progress, already set in motion
by Christ. To explain why the evils of war, hatred, injustice and
poverty continued unabated, Augustine used the notion of the Two
Cities. There was a "heavenly city," the celestial Jerusalem, where
the millennium was already manifest, and a terrestrial Babylon, the
time-bound city of violence and oppression in which the millennium was
not visible. These two cities would coexist as a corpus permixtum (a
mixed body) in every man (even saints) and in every society (even the
Church) until the Eschaton. Thus Christian Rome, even the earthy
Church, could not represent the perfection of eschatological
fulfillment, and their historical fate had nothing to do with God’s
plans for human salvation. This teaching radically reoriented
Christian eschatology: rather than awaiting the coming Kingdom on
earth, one should await it at the very end of time. Augustine
basically banned millennialism, or the belief in a coming kingdom of
God on earth, from Christian theology (Fredriksen)
This was the view the Counsel of Bishops held at Constantinople in 381AD, which by 451, at the Counsel at Chalcedon was declared "Anathema" by any who opposed it. This view persisted through the Middle Ages; the Westminster Confession of Faith specifically banned "chiliasm", as well as numerous other "confessions of faith".
It wasn't until the 19th century that "chiliasm" would receive a hearing again, this time under the auspices of the Plymouth Bretheren, led by J.N. Darby, who took the view that God's Promises towards Israel were left unfulfilled, and therefore a "literal thousand year reign" must be understood. His Calvinist upbringing however, refused to allow him to reconcile "Law and Grace", therefore he proposed a "dispensation" where the saints would be raptured prior to a time of tribulation, and then Christ would return to Jerusalem to "reign for a thousand years" over the nation of Israel, and any Christians who happened to survive the "Great Tribulation". This view, called "Dispensationalism", caught on in America as D.L. Moody and R.A. Torrey embraced it in their trips to England. It's main proponents are part of the Dallas School of Theology, of whom Dwight Pentecost, and John Walvoord have written extensively.
Another view exists however, and it's one that the celebrated preacher Charles Haddon Spurgeon embraced.
Distinctions have been drawn by certain exceedingly wise men (measured
by their own estimate of themselves), between the people of God who
lived before the coming of Christ, and those who lived afterwards. We
have even heard it asserted that those who lived before the coming of
Christ do not belong to the church of God! We never know what we shall
hear next, and perhaps it is a mercy that these absurdities are
revealed at one time, in order that we may be able to endure their
stupidity without dying of amazement. Why, every child of God in every
place stands on the same footing; the Lord has not some children best
beloved, some second-rate offspring, and others whom he hardly cares
about. These who saw Christ's day before it came, had a great
difference as to what they knew, and perhaps in the same measure a
difference as to what they enjoyed whole on earth meditating upon
Christ; but they were all washed in the same blood, all redeemed with
the same ransom price, and made members of the same body. Israel in
the covenant of grace is not natural Israel, but all believers in all
ages. Before the first advent, all the types and shadows all pointed
one way —they pointed to Christ, and to him all the saints looked with
hope. Those who lived before Christ were not saved with a different
salvation to that which shall come to us. They exercised faith as we
must; that faith struggled as ours struggles, and that faith obtained
its reward as ours shall338 [emphasis ours(taken from here)
This is the historist, premillenial position which sees both Israel and the church simultaneously during the Physical Reign of Christ on Earth. Spurgeon was by no means it's chief protagonist, yet he saw the 'fallacy' of Dispensationalism, as well as the inadequacy of the Covenant theology positions. He lived during the time of the awakening of Zionism, and saw it's fulfillment in a Jewish nation.
As to Luke 1:33,
and he shall reign over the house of Jacob to the ages; and of his
reign there shall be no end'(Youngs Literal Translation)
we see that He will "rule" over the house of Jacob to the ages to come, meaning that a "Replacement Theology" doesn't explain His rulership to the "ages of the future" reign. However, Rev. 21:1 states,
"And I saw a new heaven and a new earth: for the first heaven and the
first earth were passed away; and there was no more sea.
Since the promises of Israel's nationhood exist Jer. 33:21-22
"If ye can break my covenant of the day, and my covenant of the
night, and that there should not be day and night in their season;
21 Then may also my covenant be broken with David my servant, that he
should not have a son to reign upon his throne; and with the Levites
the priests, my ministers.
as long as the earth and heavens exist, and David's son "Christ" will reign until all enemies be put under His feet."(1 Cor. 15:24). After that time, the old earth and heavens will be dissolved, and God's Covenant with Israel will be fulfilled. However, Jesus in Matt. 24:35 says
"Heaven and earth shall pass away, but my words shall not pass away."
The Eternal Logos, the Word Himself will 'rule' us for all eternity, and the picture we get from Rev. 21, which is paralleled by 2 Pet. 3:13 is in the New Jerusalem there will be perfect righteousness. Therefore, "He shall reign forever" in the hearts and minds of His people, as everything that opposes His reign will be done away with, and God will dwell with His people(Rev. 21:3).
So Luke 1:30-33 will be fulfilled; both by the Millenial Reign, and afterward by the ongoing dwelling of God with His people for all eternity.