The average price of property coming to the housing market climbed by 2.3% in February to a record of £348,804, the latest Rightmove House Price Index has revealed.

This figure equates to a rise of £7,785, the biggest monthly jump in pounds recorded by Rightmove in more than 20 years.

Rightmove’s data also confirmed that prices are now 9.5% higher than a year ago, which is the highest annual rate of growth since September 2014.

This new record means that average asking prices have now risen by nearly £40,000 in the two years since the pandemic started, compared to just over £9,000 in the previous two years. Rightmove suggested that COVID is continuing to influence many home moves, with this month’s price growth driven primarily by the “second stepper” sector – those who may find themselves in need of more space and are now ready to move on from their first homes.

With pandemic restrictions now looking to be ending, and returning to working from the office encouraged by many businesses, Rightmove’s index confirmed that London has recorded the biggest jump in the number of buyers sending enquiries of any region (+24%). This is a new price record and its highest annual rate of price growth since 2016.

“The data suggests that people are by no means done with their pandemic-driven moves,” said Rightmove director of property data, Tim Bannister. “Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to reconsider their priorities and where they want to live.

“As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces.

“High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month. The rising cost of living is undoubtedly affecting many people’s finances, especially those trying to save up enough for a deposit to get on the ladder or to trade up.

“However, despite rising costs and rising interest rates, the data right now shows demand rising across the whole of Great Britain, with many people determined to move as we head into the spring home moving season.”

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