House prices in the UK have surged ahead as the property market reports an unexpected mini-boom as lockdown restrictions are eased.
The average price of property coming to market is £320,265 this month, up by an average of 2.4 per cent compared to March before the housing market was put on hold, according to Rightmove's national index.
The price of property coming to market is an accurate early indicator of demand, backed up by buyer enquiries up by 75 per cent so far this month compared to the same period a year ago.
The number of sales being agreed so far this month is also exceeding the prior year’s figures in England, Wales and Scotland after all three nations eased restrictions on the sector and various property tax holidays were announced.
Miles Shipside, Rightmove director and housing market analyst said: “The unexpected mini-boom continues to gather momentum.
"The strength of buyer demand has contributed to record prices, with the 3.7 per cent annual rate of increase being the highest for over three and a half years.
"There is a window of opportunity for sellers to come to market and to find a buyer who is tempted by the stamp duty savings. While property is selling much faster than a year ago, it’s important not to over-price and miss this window.
"It’s still a price sensitive market with buyers having limits on what they are able to borrow, and the uncertain economic outlook making them more cautious.”
Estate agents have also felt the boost in the market with demand increasing.
Martin Walshe, director at Cheffins in Cambridge, said: “Post-lockdown we’re as busy as we have been at any time in the past five years.
"Lockdown made those who were already considering a house move almost frantic with anticipation for estate agency doors to reopen and the increase we’ve seen in enquiries since rules were relaxed has overtaken any other peak I’ve ever experienced.
"We haven’t seen a market this competitive in years and we expect it to get busier."
