The common home worth in Britain has surged above £350,000 for the primary time ever as purchaser demand outstrips the quantity of houses on sale.
Home sellers had been usually asking for £354,564 for a property in March, up £5,760 on February ranges within the largest month-to-month worth hike since 2004, based on knowledge from property platform Rightmove.
The common worth final month was additionally 10.4 per cent greater than the identical time final yr, the sharpest annual rise that Rightmove has recorded in any month since June 2014.
Rightmove stated that costs had been stoked by the most important mismatch between purchaser demand and provide ever recorded, with greater than double the quantity of patrons as sellers at the moment lively out there.
However the agency’s director of property knowledge Tim Bannister stated the increase might settle within the coming months as financial pressures start to chunk.
“There are headwinds that appear more likely to take away the present market froth within the second half of the yr,” he stated.
“We’ve simply seen rates of interest rise once more, and there are additional incremental will increase forecast for the yr which can increase mortgage charges for some.”