A monthly price surge of 2.1% equivalent to £6,733 has propelled new seller asking prices to a new record high, according to the latest Rightmove House Price Index.
The data revealed the national average property price now stands at £327,797, and the property expert stated that the figure “shatters” the previous record set in October last year by over £4,000.
The big rise comes as buyer demand has set another new record, chasing the lowest ever proportion of property available to buy, and Rightmove highlighted that this is now the fastest-selling market it has measured since its records began.
The index stated that momentum is being partly driven by the lack of property coming to the market over the last few months, which has reduced available stock levels.
“This is only the second time over the past five years that prices have increased by over 2% in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities,” commented Rightmove director of property data, Tim Bannister.
“The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high.
“The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95% mortgages and a shortage of suitable property to buy.”
Bannister also suggested there is also “growing optimism” due to the vaccination roll-out, which is helping drive the momentum for “a fresh start in fresh surroundings”.
He added: “It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred.”
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