It said the price had jumped by £5,537 in the past month alone, taking the average asking price in April to £360,101. More than half (53 percent) of properties are selling at or over their advertised asking price, amid high demand for a limited stock of properties, Rightmove added. It is the highest percentage change Rightmove said it has measured. The time it takes to sell a property has halved over the past three years, from 67 days to 33 days for listings on the website, it said.
Tim Bannister, Rightmove’s director of property data, said: “2022 has started with price rise momentum even greater than during the stamp duty holiday-fuelled market of last year.
“While growing affordability constraints mean that this momentum is not sustainable for the longer term, the high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a hat-trick of record price months.”
He added: “The high speed of the market and competition among buyers when making an onward move will be deterring some owners from putting their homes up for sale.
“However, if you can secure both a quick sale and a quick purchase then it’s a lot less stressful than the uncertainties of a slower market.”
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Looking ahead, he added: “With the demand and supply imbalance being so out of kilter, it looks like any substantial slowdown will be gradual in coming and be a soft rather than a hard landing.
Jon Brierley, of Lennon James Property in Huntingdon, Cambridgeshire, said: “Well marketed and sensibly priced homes are in huge demand, with a queue of proceedable buyers waiting in the wings, which has resulted in homes launching onto the market and being snapped up in a matter of days.”