The price of property coming to market has hit a new record high for the second consecutive month, with the national average now standing at £354,564.

According to the latest Rightmove House Price Index, the 1.7% monthly increase in March is the largest at this time of year since 2004.

The annual rate of 10.4% is also the highest that Rightmove has recorded in any month since June 2014.

Rightmove suggested that this price level is being stoked by the “greatest imbalance” between buyer demand and the number of properties available for sale that it has ever measured at this time of year.

“There’s a hat-trick of reasons for homeowners to follow the normal trend and make it their goal to sell this spring,” said Rightmove director of property data, Tim Bannister. “Firstly, the potential to achieve a record price for their property.

“Secondly, the imbalance between high buyer demand compared to low available property supply is the greatest that we have ever seen for the start of a spring market, meaning that the chance of being able to pick and choose between several suitable buyers is strong.

“Thirdly, the proportion of properties finding a buyer within the first week is also at an all-time high for this time of year, so sellers with an appropriately priced and well-presented property can expect a shorter marketing period than the norm.”

Rightmove’s data also suggested that there are now more than twice as many buyers as sellers active in the market. The speed of the market is further demonstrated by the fact that are there more than one in five (22%) deals being agreed on Rightmove within the first week of being marketed.

This is double the figure for the same period for the market of 2019, before the impact of COVID. Almost half (47%) are having a sale agreed within the first fortnight, another indicator of high demand and the likelihood of finding a buyer quickly.

“Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last,” Bannister added. “Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market, and being in fierce competition against other buyers.

“Having a buyer for your own property, subject to contract, puts those who are buying again in a powerful position compared to buyers who have yet to sell, and agents report that these ‘power buyers’ are more likely to get the property that they want and negotiate the best deal on price.”

He added: “All sectors of the market are experiencing very brisk conditions and we expect the strong market to continue until economic forces combine to move the supply and demand balance closer towards equilibrium.”

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