The chronic lack of properties coming on to the market has pushed up average house prices by nearly £6,000 this month and experts are warning that the shortage is the new norm.
The average asking price for a home in England and Wales rose by 2.1 per cent to £279,004, with all regions recording increases. This was the joint highest monthly rise since April last year. On an annual basis prices were 6.6 per cent higher.
The average asking prices for first-time buyers jumped 2.4 per cent from £163,251 in January to £167,107 this month, according to Rightmove.
Agents reported the lowest-ever stock of quality property for sale, with buy-to-let investors not selling and owners reluctant to “sell before you find”, contributing to a 4