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Shortages of homes on the market have led to a dramatic rise in asking prices over the past month.

Over the month of February the average asking price for houses across Britain has risen by £7,785 compared to last month according to property portal Rightmove.  This is the largest month-on-month rise over the past 20 years.

The estate agents Savills have also found that buyers could also be affected by the rising cost of living.

The rise in price has pushed the average asking price across Britain to a record £348,804.  This demand for properties was being frustrated, according to Savills, by a lack of homes on the market. This new average house price means that average asking prices have now risen by nearly £40,000 since the pandemic started.

Stock shortages are being felt at the top of the market with houses of £1m or more having limited choice.

48% of potential buyers have considered moving for more than a year, with half of them hoping to complete within the next six months.

Property prices are now 9.5% higher than a year ago, which is the highest annual rate of growth since September 2014.

 

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